What is a "Revocable Trust?"
Minneapolis, MN estate planning attorney Cameron R. Kelly describes the meaning of a revocable trust.
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Phone: (715) 381-7112
A trust that’s revocable is one that you can continue to make decisions about while you’re living. There are a number of really important people when it comes to trusts. The person that created the trust but the next important person is the trustee and the trustee is the person that manages all of that property in the trust. While our clients are still alive if they form a revocable trust they’re going to appoint themselves as that trustee and the document will take care of who is going to succeed and who I going to be the new trustee if something happens to them whether they become disabled or pass away. But with the revocable trust, as long as the client’s living and capable of taking care of their own property they’re going to be the one that gets to make the decisions. Gets to use the property for the things that they want to use it for, which could be anything from everyday living expenses to vacations or giving it away to family or charities.