What is a revocable living trust?

A revocable living trust is a legal document that allows individuals to transfer certain assets, like real estate and finances, into a trust to be managed by a trustee. This type of trust is revocable, meaning that the trust creator can change, revoke, or amend the terms of the trust at any time. In California, a revocable living trust is often used in disability planning law to ensure that an individual’s property and finances are managed appropriately in the event that the individual is no longer able to do so. The trust creator (also known as the grantor) is the sole owner of the trust, and they can name themselves as the trustee or appoint another individual or entity to serve in this role. Property held in the trust is administered according to the grantor’s wishes and overseen by the trustee. The trustee is responsible for making sure all trust assets are properly managed and distributed according to the grantor’s instructions. In some cases, the grantor may also name a successor trustee, who would take over the management duties of the trust upon their death or disability. Additionally, the grantor can specify how their assets should be distributed after their death. Overall, a revocable living trust can be a useful planning tool in California disability law. It helps to ensure that a person’s assets and finances will be managed according to their wishes in the event of their disability or death.

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What is a revocable living trust?

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