What is a revocable trust?

A revocable trust is a type of trust that is created and used for estate planning in California. It is a document and legal agreement between the person creating the trust (the grantor) and the person who will be making decisions about the trust assets (the trustee). The grantor of a revocable trust can keep control over their assets while they are alive. This means they can change, add, or remove assets from the trust, change the trustee, and make other modifications to the document. The grantor can also choose when and how the assets will be distributed after their death. The trustee of the revocable trust is responsible for managing and protecting the assets in the trust according to the wishes of the grantor. This means they need to ensure that the assets are managed and invested properly, and they are obligated to keep accurate records and provide regular accountings to the beneficiaries. When the grantor dies, the revocable trust becomes irrevocable, meaning that the assets can no longer be changed or removed from the trust. The terms of the trust must then be followed as written by the grantor. The assets of the trust are then distributed according to the instructions in the document and the wishes of the grantor.

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What is a revocable trust?

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