What is a revocable trust?

A revocable trust is a type of trust that can be modified or even revoked at any time. This type of trust is typically used in North Carolina disability planning law. It allows an individual (the grantor) to transfer their assets to a separate legal entity (the trustee), which in turn holds those assets for the benefit of another (the beneficiary). The revocable trust also provides a way for the grantor to retain control of the assets while the beneficiary receives benefits. If the grantor wants to make changes to the trust, they can do so without having to go through the legal process of a court order. The grantor can also revoke the trust in its entirety as long as the assets are returned to their original owner. A revocable trust is an important tool for North Carolina disability planning law because it allows individuals to protect their assets while still retaining some control over them. This type of trust also ensures that the assets are not subject to the claims of the beneficiary’s creditors. Additionally, any money left in the trust upon the death of the grantor will not be subject to inheritance taxes. By creating a revocable trust, an individual can ensure that their assets are secure and will be used to benefit their beneficiaries in their absence.

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What is a revocable trust?

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