What is a revocable trust?

A revocable trust is a trust arrangement in which the terms can be changed or revoked by the creator at any time. This type of trust is popular in Texas, because it can be used for disability planning law. The trust is flexible; if the individual with a disability no longer wishes to receive benefits, the trust can be revoked. In addition, a revocable trust allows the individual with a disability to maintain control over his or her own finances, and to designate who should receive the benefit payments in the event of his or her death. The trust is set up with a trustee who is responsible for managing and distributing funds as directed by the trust agreement. The trust document allows the individual with a disability to define how assets should be divided or distributed in the event of incapacity or death. The monies in the trust are protected from creditors and predators. The individual who sets up the revocable trust can remain in control of the assets in the trust, and can choose to revoke the trust at any time. Additionally, the trust can be amended to fit the changing needs of the individual with a disability. This type of trust is commonly used in Texas for disability planning law, as it allows the individual to maintain control of his or her own finances while ensuring that those funds are used for his or her best interests.

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What is a revocable trust?

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