A revocable trust is a document that allows you to manage your assets during your lifetime, and distribute them when you pass away. The creator of the trust is the “grantor” or “settlor,” while the person responsible for managing the trust assets is the “trustee.” The grantor or settlor can also act as the trustee, or can have some other person, bank or trust serve as your trustee. The reason this type of trust is “revocable” is because you can modify, terminate or make changes to it during your lifetime (as long as you are not incapacitated).
The trust needs to be “funded” with your assets, but not every asset may be suitable for a revocable trust. There may be asset protection questions or other issues you may want to address with your attorney when preparing a trust.
Revocable trusts have advantages over traditional wills (or can complement wills), and revocable trusts may help you avoid probate and save taxes at death. However, there are many factors that need to be considered before you decide if a revocable trust is suited for you or your loved ones.
If you are considering drafting a revocable trust, adding a revocable trust to your overall estate plan, or have other wills, trusts and estate planning questions, do not hesitate to contact Apfelbaum Law for a free consultation. We service Port St. Lucie, Fort Pierce (St. Lucie County), Jensen Beach and Stuart (Martin County), and surrounding areas.