Law Offices of Alice A. Salvo
Start Your Solution. Schedule a Free Consultation Today.

An overview of revocable living trusts

From irrevocable trusts to a testamentary trust or inter vivos trust, people have a number of options when it comes to putting together a trust. In Woodland Hills, California, some people who want to ensure the proper distribution of assets opt for a revocable living trust. While revocable living trusts are quite popular, it is important for people to understand the details of this arrangement and how it will fit into their estate plan.

The Consumer Financial Protection Bureau covers revocable living trusts on their website. For those who are thinking about setting up a revocable trust, it is important to understand the different roles and responsibilities people have with these trusts. First, there is the settlor (also known as the trustor or grantor), the individual who creates the trust. Next, there is the trustee, the individual (or financial institution) responsible for making decisions regarding a trust's property. Sometimes, co-trustees and successor trustees are also named. Finally, there are beneficiaries, the individual(s) who receive the property from a trust.

According to the Minnesota Attorney General's Office, with revocable living trusts a settlor can modify their trust while they are still alive. Typically, trustees will give their income to the settlor until the settlor passes away, at which point the assets will be distributed to beneficiaries. With revocable trusts, people can avoid probate, a process which is sometimes time-consuming, costly and stressful. Since revocable living trusts don't protect assets from state or federal taxes or reduce tax liability, they are seen as tax-neutral.

No Comments

Leave a comment
Comment Information
Email Us For a Response

Contact Us

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Location:

Law Offices of Alice A. Salvo
20350 Ventura Boulevard
Suite 110
Woodland Hills, CA 91364

Phone: 818-676-9572
Fax: 818-716-9275
Map & Directions

  • Super Lawyers
  • Peer Review Rated