What is a revocable trust?

A revocable trust is a type of trust created by an individual (known as a “grantor”) and funded with assets of varying types during their lifetime. This type of trust allows the grantor to have control over the trust assets during their lifetime, while also granting them the flexibility to modify, amend, or even revoke the trust at any time during their lifetime. In Montana, anyone of legal age and sound mind (over 18) can create a revocable trust. A revocable trust is a popular tool used in estate planning in Montana because it can provide for the orderly management or transfer of the grantor’s assets upon their death and can minimize the impact of certain taxes on their estate. Additionally, a revocable trust can provide the grantor with protection from creditors. In Montana, a revocable trust is considered to be revocable during the grantor’s lifetime and it passes outside of the probate process (unlike assets that are subject to a will). A revocable trust can be beneficial to the grantor and have numerous benefits, but it should not be taken lightly. It is important for grantors in Montana to understand the process of creating a revocable trust and the implications for their estate. Revocable trusts should be prepared professionally with the assistance of an attorney experienced in trusts and estates law in Montana to ensure the trust is created and funded properly.

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What is a revocable trust?

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