What is a revocable trust?

A revocable trust is a type of trust that can be changed, modified, or revoked at any time by the grantor, also known as the person who created the trust. This type of trust is often used for disability planning law in Colorado. When a revocable trust is created, the assets of the trust are held by the trustee, who is the person or institution responsible for managing the trust assets and distributing them to the beneficiaries. The grantor retains control over the trust by designating themselves as the trustee. The revocable trust can be changed, modified, or revoked at any time by the grantor. This allows the grantor to adjust the terms of the trust if their circumstances change. For example, if a grantor becomes disabled, they can adjust the terms of the trust to ensure that their needs are met and that their desired beneficiaries still receive the assets in the trust. By using a revocable trust, a grantor has the peace of mind of knowing that their assets will be distributed according to their wishes even if they are no longer able to manage them. The revocable trust also allows them to make changes to the trust as their needs change. This makes it an ideal tool for disability planning law in Colorado.

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