What is a revocable living trust?

A revocable living trust is a type of trust used in West Virginia as part of estate planning law. This type of trust allows the person creating the trust (known as the grantor or settlor) to maintain control over their property during their lifetime. The grantor can add or remove assets, change or revoke the trust at any time until death or incapacity. Upon death, the grantor’s trust is handed over to a successor trustee they appointed in the trust document. This successor trustee is responsible for distributing the assets in the trust according to the wishes of the grantor, as outlined in the trust document. This means that beneficiaries of the trust do not have to go through probate court, which can save time and money in estate settlement. A revocable living trust also includes provisions to provide for the grantor’s incapacitation. Upon becoming incapacitated, the grantor’s appointed trustee will take control of the trust and begin taking care of the grantor’s affairs according to the wishes already outlined in the trust. Overall, a revocable living trust is a great way for those living in West Virginia to plan for their future and ensure their wishes are followed after they pass away.

Related FAQs

What is probate, and how can I avoid it?
Should I consider creating a trust for my pet?
What should I do if I find a mistake in my estate documents?
How can I protect my assets from creditors?
What is a testamentary trust and how does it work?
What is an estate tax return and why should I file one?
How can I provide for my dependents after I die?
What is a pour-over will and how does it work?
What is an estate freeze and how does it work?
How should I distribute my assets if I don't have a will?

What is a revocable living trust?

Related FAQs

Related Blog Posts