Revocable Trusts or Living Trust.
A trust created during lifetime may be revocable, which means it may be revoked or changed by the settlor (aka trust maker or grantor).
A trust may be irrevocable, which means it cannot be revoked or changed by the settlor.
Either type of trust may be designed to accomplish the purposes of property management, assistance to the settlor in the event of physical or mental incapacity, and disposition of property after the death of the settlor of the trust with the least involvement possible by the probate (orphan’s) court.
Trust Purposes include:
- Asset Preservation
- Spendthrift Prevention
- Wealth Accumulation
- Will Alternative
- Tax Planning