What is a Revocable Living Trust?

It is the opposite of a “Irrevocable Trust”, and permits the grantor to change the Trust.

A Revocable Living Trust can be used to hold legal title to and provide a mechanism for the management your property. You and your spouse can be the Trustees and beneficiaries of your Trust during your lifetime. You may also designate Successor Trustees to carry out your instructions in case of death or incapacity. Unlike a Will, a Trust usually becomes effective immediately when you become incapacity or die. Your Revocable Living Trust allows you to make changes and even to terminate it. One of the great benefits of a properly funded Revocable Living Trust is the fact that it will avoid or minimize the expense, delays and publicity associated with the probate process.