What is a revocable trust?

A revocable trust is a type of trust agreement that allows the creator of the trust, known as the settlor or grantor, to make changes to it while they are still alive. This kind of trust is very popular in estate planning because it gives the settlor greater control and flexibility over their assets after their death. A revocable trust is a legal document that establishes the trust, details what assets will be held by the trust, and states how the trust’s assets will be managed and distributed. The settlor can create the trust while they are alive, but the trust does not take effect until after their death. The main benefit of a revocable trust is that it allows the settlor to change or revoke the trust at any time. The settlor can also choose to make changes to the trust’s assets or beneficiaries during their lifetime. However, Kansas law does require that the settlor provide notice to the beneficiaries before making any changes. Moreover, a revocable trust also saves the settlor’s family time and money because it eliminates the need to go through a lengthy probate process after the settlor’s death. Upon the settlor’s death, the trust’s assets are automatically distributed according to its provisions, meaning the settlor’s family does not need to worry about the lengthy legal process required for probate in Kansas.

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