Revocable Trusts are relationships between parties where one party, the grantor, gives another party, the trustee, the right to hold the individual’s property or assets for the benefit of a third person, the beneficiary. Through the use of a trust, an individual can control the distribution of his or her property during life or after death. Trusts can be used for the financial benefit of the individual creating the trust, a surviving spouse, children, or a charitable purpose. The grantor can be a beneficiary of the trust as well.
Revocable trusts are also referred to as revocable living trusts, living trusts, or inter vivos trusts. These different terms mean that the trust can be changed at any time before the death of the grantor. At the grantor’s death, the trust becomes irrevocable. Revocable Trusts do not offer protection from creditors or tax benefits. However, Revocable Trusts are beneficial for those planning for mental disability, seeking to avoid probate, and protecting the privacy of property and beneficiaries after the grantor’s death.
Our firm uses your objectives to help you determine which trust will protect your assets and desires. By avoiding probate, your assets will pass directly to your beneficiaries saving your beneficiaries time and money.