A revocable living trust, also called a living trust, is a legal entity created to hold ownership of an individual’s assets. The person who forms the trust is called the grantor, and also serves as the trustee in most cases, controlling and managing the assets.
But you may be wondering if this type of trust will work for you.
“A revocable living trust is designed that you are still in control of all of your assets. You as the grantor, settler of the trust creates this document and funds the assets into that trust, which means you title the assets that you own into this trust. You serve as the trustee of that trust.” says Anne Desormier Cartwright of Elder & Estate Planning Attorneys PA.
As the grantor of the trust you still maintain all control of those assets. You can change the trust, you can transfer assets out, you can add assets to that trust. So you maintain the control of your assets in a revocable trust.
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