What is a revocable living trust?

A revocable living trust is a legal document that allows an individual to transfer their assets into a trust during their lifetime and set out the terms for how those assets will be managed or distributed after they pass away. In Arkansas, a Revocable Living Trust can be used to avoid probate administration and provide asset protection. The settlor of the Trust (the individual who transferred the assets) is able to control the Trust while they are alive. They can modify or revoke the trust, amend the terms, or appoint new trustees. Once the settlor passes away, the successor trustee (the person they appointed to manage the trust after their death) takes over and distributes the assets according to the settlor’s instructions. This can include things such as giving assets to certain individuals or using them to pay for specific expenses. The successor trustee is also responsible for filing all state and federal taxes that may be due from the trust. In Arkansas, a revocable living trust is often used for estate planning purposes. It can be used to protect assets and ensure that the settlor’s wishes are carried out after their death. It can also be used to reduce the amount of taxes owed. While revocable living trusts are common, it is important to consult an experienced attorney to make sure that your trust is properly established and meets all legal requirements.

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What is a revocable living trust?

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