What is a revocable trust?

A revocable trust is a legal arrangement you create during your lifetime to hold assets under terms you set. It is called revocable because you can generally change it, amend it, or cancel it while you are living and mentally competent. In many revocable trusts, the person who creates the trust also serves as the initial trustee, so day-to-day control usually stays with that person. Revocable trusts are often used in estate planning because they can help with continuity, privacy, and the management or transfer of assets when they are properly funded.

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.