A revocable trust refers to a trust that can be altered or cancelled which is dependent on the grantor or the person who has made the trust. The income earned through the trust is distributed to the grantor and after the death, the asset is transferred to the beneficiaries of the trust. This is the meaning of revocable deed of trust.
Revocable trusts provide flexibility and income to the grantor who is living. The clause of the trust can be chased and the assets can be transferred to the beneficiaries after the grantor’s or the trustor’s death. This is what is revocable trust means.
The revocable trust is a well-known estate tool that helps to determine who will get the property when you die. Revocable trusts are known as living since it is made when an individual is alive.
Now, that we know what is a revocable living trust, let us understand the advantages of the living trust.
If the grantor is facing some health issue the grantor’s chosen manager can control the principal.
If the beneficiary hasn't passed the age of 18 years the assets can be held in the trust. The court won't need to appoint a guardian.
If the grantor believes that the beneficiaries will not use the asset wisely, the trust allows setting an amount which can be distributed periodically.
This was all about revocable deed of trust. I hope you find this helpful.
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What is revocable trust?
Sweta
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2022-07-28T10:34:13+00:00 2022-07-28T10:38:21+00:00Comment
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