Revocable Living Trust

Do you need a revocable living trust?

A trust is a legal document that takes care of your assets while you are alive and disposes of your assets after your death. It is the centerpiece of most estate plans. A revocable trust is a trust that can be changed, amended or revoked during the creator’s lifetime. The creator of a trust is typically called the “grantor,” “settlor,” “trustor,” or “trustmaker.” A revocable trust generally becomes irrevocable, or unchangeable after the grantor’s death. An irrevocable trust is a trust that cannot be changed or revoked the moment it is signed. A living trust is a trust created while the grantor is alive. The opposite of a living trust is a testamentary trust, which is a trust that springs to life after the creator’s death, generally through language found in the person’s Last Will and Testament.