A legal document that may be changed or cancelled that allows you to maintain control of your assets. It is used to avoid probate and for estate planning purposes.
Unlike a will, the assets in a revocable trust are transferred while the donor is still alive, even if the beneficiary does not get any of their benefits until after the donor’s death. A fiduciary is appointed to manage the trust’s assets on behalf of a designated beneficiary. Because of this, a revocable trust can be terminated at any time by the donor.« Back to Glossary Index