What is a revocable trust?

A revocable trust is a legal arrangement where the trust creator (grantor) can manage assets during their lifetime, modify or revoke the trust at any time, and pass assets to beneficiaries upon death without going through probate.

How does a revocable trust help with asset management?

A revocable trust allows for seamless management of assets by appointing a trustee who manages the assets according to the grantors instructions, providing flexibility and continuity in case of incapacitation or death.

Can a lawyer assist in setting up a revocable trust?

Yes, a lawyer can provide essential guidance in drafting the necessary documents, ensuring compliance with state laws, customizing provisions to meet specific needs, and advising on tax implications.

Are assets in a revocable trust protected from creditors?

No, since the grantor retains control over a revocable trust during their lifetime, assets within it generally remain accessible to creditors.

What happens to a revocable trust upon the grantors death?

Upon the grantors death, a revocable trust typically becomes irrevocable. The appointed successor trustee then manages and distributes the assets to beneficiaries as outlined in the trust agreement.

Probate and Estate Planning Videos and Articles

We cover all the latest topics in estate planning and probate to help you stay informed. Here's a collection of our latest articles and videos on topics like living trusts, wills, powers of attorney, aging parents and caretakers, incapacity planning issues including guardianship proceedings, etc. You can also find us on YouTube

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Day: January 18, 2025

Cortes Law Firm Oklahoma City Estate Planning Attorney

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