What is a Revocable Trust?

A revocable trust is an estate planning tool that helps you decide who will get your property when you pass away. It’s a trust that can be amended or revoked by the person or persons who established the trust. This means, that at any time if you decide that you want to change whom the trust beneficiary or trustee will be, you can. You can make changes to your Gilbert Revocable Trust through a trust amendment, changing the entire trust or revoking it all together.

There are three major people involved in a revocable trust, the settlor, the trustee, and the beneficiary. The settlor, also known as a grantor, is the one who creates the trust and provides the finances in order to create the trust. The trustee is the person that holds the title to the property in the trust and manages it according to the agreement made in the trust. The beneficiary is the person listed in the trust that will receive the assets in the trust.

Having a Gilbert Revocable Trust set up can be good for a couple reasons. First, it can help you in that fact that, if you were to become mentally disabled, you can have your trustee be in charge instead of a court-supervised guardian or conservator. Second, at the time of your passing, all of your assets and property will be handed down to the trust beneficiary listed in the trust agreement. Lastly, by choosing to have a Gilbert Revocable Trust, you are creating a document that is completely private and cannot become public record for everyone to view. This means that only you and your family will know ho gets what assets of yours.

Some other things to know about a Gilbert Revocable Trust are that you own the property that is placed in your trust, which means that the property can still possibly have death taxes applied after your passing. Having a revocable trust can actually help you avoid probate, which allows you to avoid any delay in dispersing the assets to the beneficiaries listed in the trust.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.