A revocable living trust, like a will, directs the distribution of assets to your beneficiaries after you pass away, but it also provides added functionality.
Like other types of trusts, there are three roles under a revocable living trust. The person who creates the trust is called the settlor, trustmaker, grantor, or trustor. The person who manages the trust and the accounts and property it owns is the trustee. The person who receives money and property from the trust is called the beneficiary. Although the three roles are separate, the same person can and often does serve all three roles with a revocable living trust.
Before setting up a revocable living trust, you should understand what you can—and cannot—do with it, which I’ll address in the coming weeks.
Call to schedule an appointment to see if a revocable trust will best meet your estate planning goals.
