What is a revocable living trust?

A revocable living trust is a legal document created by an individual (called the grantor) in order to organize their assets during their lifetime and plan for the distribution of their assets after their death. This type of trust is commonly used in estate planning law in Arkansas. A revocable living trust can be set up to provide benefits to the grantor, such as avoiding probate, minimizing estate taxes, and providing for the distribution of assets in accordance with the grantor’s wishes after death. Assets placed in the trust may be managed and distributed to beneficiaries according to the trust’s instructions without the need for court oversight or probate costs. The trust is “revocable” meaning that the grantor can modify or revoke it during their lifetime. A revocable living trust can also name a successor trustee to manage the trust and distribute assets after the death of the grantor. The successor trustee will be responsible for ensuring that the assets are distributed according to the terms of the trust and the grantor’s wishes. This type of trust is often used in Arkansas to minimize probate costs and ensure the assets are distributed according to the wishes of the grantor.

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What is a revocable living trust?

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