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Revocable Trust


What is a Revocable Trust?

A revocable trust is a trust created by a grantor who maintains the right to alter the trust during his/her lifetime. For the life of the trust, any income earned on the assets is passed/distributed to the grantor/reinvested according to the trust documents. Upon the grantors passing, the trust income/assets are maintained/distributed as outlined in the trust to the beneficiaries. Revocable trusts are used as an estate planning tool for particular property/items (which can be placed into the trust by transferring title (may have tax consequences; a professional should be consulted) to the property/res) which the grantor wants to ensure will pass to another while avoiding a lengthy court process/expensive probate process. This is a potentially important estate planning tool which should not be overlooked for the simple fact that avoiding probate can save your family and loved ones from having to deal with the inefficient and expensive process known as probate.