In a revocable trust, who is the grantor, who is the trustee, and who is the successor trustee?

Yes. In many revocable trusts, the person who creates the trust also serves as the initial trustee and continues managing the assets during their lifetime. That is part of what makes a revocable trust attractive for many people: you can usually keep control of the assets while you are living and mentally competent, while also naming a successor trustee to step in later if needed.

Trusts are typically established with the help of a legal professional. Quorum does not provide legal or tax advice. We recommend consulting with your attorney or other professional to determine what's appropriate for your situation. You need to review a strategy for your own particular circumstances that takes into account the applicable laws in your state before making any decisions.

This material is intended for general, informational and educational, purposes only and is subject to change based on a person's circumstances or changes in the law. The accuracy, completeness or reliability of the information provided is not guaranteed.