What is a revocable living trust?

A revocable living trust is a legal document that allows an individual to control their assets during their lifetime and determines who receives them after death. This type of trust is known as “living” because it is created when the grantor is still alive. It is also “revocable” because the grantor can change or revoke the trust as long as they are mentally capable. When a revocable trust is established in Texas, the grantor can name a trustee to manage the trust assets for the grantor’s benefit during their lifetime. After the grantor’s death, the trustee is responsible for distributing the assets in the trust according to the trust’s instructions. The trust document contains specific instructions about how the trust assets will be distributed after the grantor’s death. The revocable living trust document is also used to name a guardian for any minor children the grantor may have at the time of their death. This document also names the individual designated to receive parental rights if the guardian predeceases the child. This document also serves to avoid probate court. The revocable living trust allows the grantor to manage and dispose of their assets, without the delay, expense, and publicity associated with probate proceedings. Overall, a revocable living trust helps protect the grantor’s assets and provides peace of mind for both the grantor and their beneficiaries. It is often a useful tool in elder law in Texas.

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What is a revocable living trust?

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