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Revocable Trust

A revocable trust is also referred to as a living trust. This is because revocable trusts are often made considerably before the individual's death. During the remainder of the trustee's lifetime, they may make changes to the trust or even cancel it. Income earned on the assets to be willed go to the grantor during their lifetime, rather than accumulate in the trust. Regular income from employment can also be arranged as a revocable trust. The income is trusted to specified beneficiaries, but only after the creator of the trust has died. Until then it is in their full control.

Fast Facts

  • Multiple trustees may exist and must determine each individual's responsibility for control of the trust while alive.
  • Revocable trusts can be very costly to draft because of the legal professional necessities.

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