What is a revocable living trust?

A revocable living trust is a legal document in which an individual (the “grantor”) transfers assets to a trust that is managed by a trustee for the benefit of a designated beneficiary. This type of trust is often used in elder law in Washington to help manage assets for elderly individuals. With a revocable living trust, the grantor retains control and can change the trust’s provisions as long as they are alive and of sound mind. When assets are transferred to a revocable living trust, they are no longer owned by the grantor, but remain under their control while they are alive. The trust can be modified or revoked at any time by the grantor, or they can appoint someone else to act on their behalf. Upon the grantor’s death, the trustee is responsible for managing the trust’s assets and distributing them to the designated beneficiary according to the terms of the trust. A revocable living trust is a powerful planning tool for elderly individuals in Washington. Not only does it help address property management issues, but it can also help protect assets from creditors, reduce taxes, and ensure that assets are managed and distributed according to the wishes of the grantor. An elder law attorney can help you understand whether this type of trust is right for you and your situation.

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What is a revocable living trust?

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