A revocable living trust is established in writing and a trustee is appointed to manage and distribute the property in accordance with the settlor’s detailed instructions. Usually the settlor names himself as trustee of the trust property during his lifetime, with a spouse, friend, relative, or financial institution named as a successor trustee upon his death or incapacitation. This allows the settler to continue to manage and control the trust property during his lifetime.
The revocable trust should be considered whenever :
The revocable living trust is a basic tool for modern estate planning. By using one, you can manage your assets during your life and revocable living trusts can pave the way for a smooth, quick transfer of assets at death without the hassles of probate, the court-supervised process of settling an estate.