Related Definitions
What is a Revocable Trust?
A trust that can be modified, amended, or revoked by the grantor at any time during their lifetime. It typically becomes irrevocable upon the grantor’s death.
A trust created by an individual (the grantor) during their lifetime, which can be modified or revoked at any time while they are still alive. The grantor typically serves as the trustee and maintains control over the assets placed in the trust. Upon the grantor’s death, the trust becomes irrevocable, and a successor trustee takes over to manage and distribute the assets according to the trust’s terms. Revocable living trusts are often used to avoid probate and provide for a more private and efficient transfer of assets.
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