What is a revocable trust?

A revocable trust is a type of trust that allows the trust maker (also known as the grantor) to change or revoke the trust at any time while they are still alive. This type of trust is popular in Ohio because it allows the grantor to keep control of the trust and the assets within it, making it easy to modify the trust agreement as needed. Unlike an irrevocable trust which cannot be changed or revoked, a revocable trust allows the trust maker to change the beneficiaries, the trustees, and all other terms and conditions of the trust. The trust maker can also revoke the trust entirely, meaning all of the assets in the trust would be distributed back to the trust maker. In Ohio, revocable trusts are used for asset protection, to manage finances, and to avoid probate court. By having assets in a revocable trust, the trust maker can protect them from creditors, and make sure they are handled as they wish after death. All of this can help reduce fees and the time associated with going through the probate court process. Overall, a revocable trust is a powerful estate planning tool in Ohio that can help protect the assets of the trust maker and their beneficiaries, while maintaining control of the trust and its assets.

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