A revocable living trust establishes a relationship between:
- The creator of the trust
- The trustee who manages the property within the trust and distributes proceeds to beneficiaries
- The beneficiaries who receive the property in the trust when the term of the trust expires
A revocable living trust allows assets within the trust as well as income generated by those assets to be managed and distributed by the trustee. The trust income and property are then distributed in accordance with the terms and conditions of the trust. This type of trust is referred to as a living trust because it is established during the lifetime of the creator. With a revocable trust, the grantor may revoke the trust at any point by moving the assets into his or her name without the consent of any other party. Continue reading “Revoking a Trust”
