subject: Revocable Living Trust [print this page] Define Revocable Living Trust: Define Revocable Living Trust:
A trust is a defined setup that is based on an agreement which further determine the exact distribution of a person's property. It mainly deals in effectively managing and distributing during the life of the property owner and also after his or her death.
More about Revocable Living Trust:
Nowadays, setting a revocable is very much important for all property owners. It gives the owners a steady way to distribute wealth in an easier and convenient way. There are normally three parties involved in such trust to get the best of accumulated wealth and properties.
The three Involved Parties of Revocable Living Trust are:
The Settlor He or she is also known as grantor or trustor. The settlor works is mainly the creator of the trust, and usually the single source that provides required funding for the trust. However, being the single source, there can be more than one grantors or settlors of a trust. For example; a husband and a wife can form an alliance to make a family trust.
The Trustee Being in a responsible position, the trustee holds the title of the trust property and manages it accordingly. Many times, the settlor steps into the shoes of the trustee and provides the much needed support to ensure the successor trustee after the death of the main owner.
The Beneficiary He or she will be the person who can avail the direct economic advantages from the trust. The beneficiary will be chosen by the settlor himself during his or her lifetime or chosen by the house of a court after the death.
