Revocable Living Trust Agreement Meaning

A revocable living trust is one where its creator referred to as the grantor can dissolve it at any time.

Revocable living trust agreement meaning.

Grantors can add beneficiaries delete beneficiaries and buy and sell assets from the trust. A trust is a legal arrangement through which one person holds legal title to property for another person. A more flexible arrangement a revocable trust can be modified or even terminated by the trustor after it s created. This means that although the home technically belongs to the trust you have the ability to take back the property at any time.

The trust can be amended or revoked as the grantor desires and is included in. Usually a revocable trust becomes irrevocable when the. This type of trust is established via a will so it comes into effect or is created when the trustor is no longer living. A revocable living trust is created by an individual the grantor for the purpose of holding their assets and property and in order to dictate how said assets and property will be distributed upon the grantor s death.

The person who forms the trust is called the grantor or the trustmaker and they also serve as the trustee of this type of trust in most cases controlling and managing the assets they ve placed there. If you dissolve the trust then you must file a new deed at the county courthouse that lists you rather than the trust as the property owner. With a living revocable trust the trust settlor can designate himself or herself as the trustee and take control of assets within the trust. A revocable living trust is a legal document that gives you the authority to make decisions about someone else s money or property being held in a trust.

Assets can include real estate valuable possessions bank accounts and investments. Living trusts can be irrevocable or revocable. A revocable trust is a part of estate planning that manages and protects the assets of the grantor as the owner ages. What is a revocable living trust.

At the most basic level a revocable living trust also known simply as a revocable trust is a written document that determines how your assets will be handled after you die. As the creator of a revocable trust you are called the grantor or the donor while you are alive you are a beneficiary of the trust and can also serve as either the sole trustee or as one of a number of co trustees. In a revocable trust you have the right to dissolve the trust at any time. A grantor typically acts as the trustee of the revocable trust managing the assets it holds.