A Revocable Trust is a trust that you can dismantle (revoke) during your lifetime.
A Revocable Trust kind may be changed, altered or revoked by you at any point during your life, provided you mentally competent. Revocable trusts are becoming increasingly common in the US as a substitute for a Last Will and Testament to minimize administrative costs associated with probate and to provide centralized administration of a person’s final affairs after their passing.
Contrast that with a irrevocable trust, which takes careful legal maneuvering to even get assets out of.
from Protecting You And Your Family http://ift.tt/29GEmMr
from DeWitt Law Firm, PLLC
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