What is a revocable living trust?

A revocable living trust is an estate planning tool used to manage the assets of a person while they are alive and to distribute those assets to beneficiaries after the person’s death. In Massachusetts, this trust is created by a written document, and the person creating the trust is known as the “grantor” or “settlor.” The grantor turns over ownership of their assets to the trust, and the trust is managed by a trustee. The grantor may also act as the trustee for this trust. The trust is “revocable” because it can be changed or terminated by the grantor while they are alive. The grantor can modify the contents of the trust, change the trustees, or even dissolve the trust. The assets remain under the grantor’s control until the time of their death. Upon their death, the trust becomes irrevocable and the assets are distributed according to the grantor’s wishes. A revocable living trust offers the grantor control over their assets during life and provides for an orderly distribution upon death. It also helps the grantor avoid the time and expense of probate. The trust document should specify how and when the assets will be distributed. In Massachusetts, a revocable living trust can help the grantor maintain their privacy, avoid the court process, and save money in the long run.

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What is a revocable living trust?

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