Revocable Trust

A revocable trust is a legal arrangement created during someone’s lifetime that allows them to place assets into a trust while retaining control to modify, change, or revoke the trust entirely at any time, as long as they remain mentally competent. The person establishing the trust (grantor or settlor) typically serves as trustee and beneficiary during their life, but names successor trustees and beneficiaries to receive assets after their death or incapacity. Revocable trusts are commonly used in estate planning because they help avoid probate court, maintain privacy, and provide flexible provisions for asset management if the grantor becomes incapacitated. Upon death, the trust generally becomes irrevocable and assets are distributed to named beneficiaries according to the terms of the trust. Revocable trusts do not provide tax or creditor protection advantages during the grantor’s life.