What is a revocable living trust?

A revocable living trust, sometimes known as a revocable trust or a living trust, is a legal document that allows an individual to transfer ownership of their property and assets to a trustee while they are still alive. The individual, known as the grantor, will appoint a trustee to manage the trust assets on their behalf, and the grantor can change or revoke the trust at any time. The living trust is a flexible estate planning tool that can be used to protect assets from creditors and lawsuits, and to reduce or avoid estate taxes. It also allows the grantor to maintain control over their property since they can revoke the trust at any time. Additionally, the revocable living trust is a great way to plan for the future in the event of incapacity since the grantor can appoint a trustee to take over the management of the trust assets should they become incapacitated. Finally, a revocable living trust is a great way to provide for the care of a loved one after death because it allows the grantor to set out instructions for how their assets should be managed and distributed. In Delaware, revocable living trusts are commonly used to manage and protect assets from probate proceedings.

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What is a revocable living trust?

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