A Revocable Trust is a three-party, legal document designed to ensure property and assets are held in a secure trust for its intended beneficiaries. The beneficiaries may receive the property and assets at any time during the grantor’s life or after death. Just as the name implies, this type of trust can be revoked, modified, or altered after it is established by the grantor. A Revocable Trust is typically set up by the grantor, parent, or legal guardian and possesses business or individual assets.
Reasons to Consider a Revocable Trust
- Provides maximum privacy
- Assets can remain in trust until you want beneficiaries to inherit
- Can reduce or eliminate estate taxes
- More difficult to contest compared to a Will
- Arrange the supervision of personal assets
- Avoid delays in the transfer of assets to beneficiaries upon death
- Avoid court control of assets if incapacitated and avoids probate upon death