What is a revocable trust?

A revocable trust is a type of trust that allows the person creating the trust (known as the “grantor”) to retain control over the assets within the trust. This type of trust is sometimes called a “living trust,” as it can be changed or revoked at any time, so long as the grantor is still alive and mentally competent. In the state of New Hampshire, the revocable trust allows the grantor to name themselves as the trustee (the person responsible for managing the trust). This means that the grantor can determine who receives the assets they put in the trust, when they receive them, and can also continue to manage any income or interest that the assets generate. The grantor can also decide to change these terms at any time, which makes this type of trust very flexible. Revocable trusts also provide other advantages, such as allowing assets to pass outside the probate process. This means that when the grantor passes away, their assets in the trust can be transferred to the designated beneficiaries without going through the lengthy and expensive court process. They also allow the grantor to protect their assets from potential creditors, as the trust assets are not part of the grantor’s “estate” and therefore not subject to creditors’ claims. Overall, revocable trusts are a popular estate planning tool in New Hampshire and can provide significant benefits to both the grantor and the beneficiaries.

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What is a revocable trust?

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