What is a revocable trust?

A revocable trust is a type of legal arrangement that allows an individual to establish a trust fund for the benefit of themselves or a loved one with a disability. In Virginia, a revocable trust can be created as an alternative to other means of disability planning, such as guardianship or conservatorship. A revocable trust is set up so that the trustor (the individual who creates the trust) retains control over the funds. The trustor is also able to revoke the trust at any time, meaning that they can change the terms or even terminate the trust altogether. Trusts are often revocable during the trustor’s lifetime, and become irrevocable upon their death. The funds in a revocable trust are not subject to probate, meaning that the trustor can ensure they are distributed in accordance with their wishes after their death. This can ensure that a disabled individual has access to the necessary resources for their care, even if their own assets are insufficient. Revocable trusts can also prevent other individuals from making decisions that are in the disabled individual’s best interests. By setting up a revocable trust, a disabled individual is able to retain control over their own funds even after they are no longer able to do so.

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