What is a revocable trust?

A revocable trust is a type of trust commonly created in Virginia. It is a legal document that allows an individual, called a grantor or settlor, to transfer property to a trustee who then manages the trust and any assets, such as money and real estate, it contains. The grantor is typically also the trustee, but they may choose to appoint another person or entity to serve in that role. The grantor typically retains the right to change or revoke the trust prior to their death. If the grantor dies, the trust generally becomes irrevocable and the assets contained within it are distributed according to the terms of the trust document. This is why the document is often used to help individuals plan for their estate and avoid probate court. In Virginia, a revocable trust must be established in writing, signed by the grantor, and witnessed by at least two people. In addition, the trust must be funded with assets, such as cash or real estate. Although revocable trusts are used mainly for estate planning, they can also be used for business purposes or to provide asset protection.

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What is a revocable trust?

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