What is a revocable living trust?

A revocable living trust is an estate planning tool used in Kansas to help manage a person’s assets and determine how they will be distributed when the person passes away. This type of trust is known as a revocable trust because the terms of the trust can be altered or revoked at any time. With a revocable living trust, the trustor (the person creating the trust) can appoint a trustee (the person managing the trust) and set forth instructions for how the trust assets should be managed and distributed. The trustor can place any type of assets into the trust, including bank accounts, real estate, investments, and other personal assets. Once these assets are placed into the trust they then become managed by the trustee according to the instructions provided by the trustor. The trustor can also designate how the remaining assets in the trust will be distributed when they pass away. This type of trust has several advantages, including providing flexibility and protecting the assets from probate court. In addition, a revocable living trust allows the trustor to remain in control of their assets while they are alive. This means that the trustor can modify or revoke the trust at any time if their circumstances change. The trustor can also designate how the trust assets should be distributed upon their death. This type of trust can be a powerful tool for individuals in Kansas to plan for the future and protect their assets for their heirs.

Related FAQs

How do I plan for a child or grandchild with special needs?
What is a charitable lead trust and how does it work?
How can I ensure that my pet is taken care of after my death?
What is a Living Will and how does it work?
What is an irrevocable trust?
What happens to an estate if there is no will?
What is a marital deduction and how does it work?
What happens if I move to another state while my estate is still in the process of being settled?
How can I protect my business interests after my death?
How can I plan for the future of my minor children after I die?

What is a revocable living trust?

Related FAQs

Related Blog Posts