What is a revocable living trust?

A revocable living trust is a document primarily used by people in Nevada to control the distribution of their property after death. It is a legal arrangement that lets someone else manage the assets held in the trust, while protecting the interests of the trust creator (or grantor). With a revocable living trust, the grantor can change the terms of the trust at any time while still alive and can revoke or terminate the trust at any time. The trust remains revocable until the grantor dies, at which point the trust becomes irrevocable. The revocable living trust also avoids certain court proceedings such as probate, which can be expensive and can take away from the estate’s value. It also allows for a smoother transition when the grantor passes away, as proscribed in the trust. The way that the trust operates is that the grantor transfers assets into the trust, and the trust is managed by the trustee. The trustee carries out the wishes of the grantor in regards to how assets are distributed after death. In the realm of elder law, a revocable living trust can be a good way to protect assets and make sure that the wishes of the grantor are respected after their death. It is important that these trusts be established correctly and maintained, as they can be powerful tools in protecting assets for the future.

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What is a revocable living trust?

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