A trust is a legal document that takes care of your assets while you are alive and disposes of your assets after your death and is the center-piece 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 after the grantor’s death. The opposite of a revocable trust is an irrevocable trust. 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.
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One great benefit of a revocable living trust is that the trust becomes irrevocable after the grantor(s) of the trust passes away. Thus, you get all of the benefits of the revocable trust while you are alive and then your beneficiaries also get the additional benefits, asset protection, of an irrevocable trust after you pass away, which protects your heard-earned life savings for your beneficiaries’ benefit.