What is a revocable trust?

Minnesota estate planning attorney Karen Schlotthauer discusses the different types of trusts.

Contact Karen Schlotthauer

Email: [email protected]

Phone: (612) 336-9324

Transcript:

What is a revocable trust? People call it both, but I call it revocable [Laughs]. What is a revocable trust? A revocable trust is a trust that you create during your lifetime that you can change, amend, terminate at any time. You’re not locked into it. How do you use a revocable trust? Revocable trust, if we’re gonna use it for probate avoidance, for example, and you’re a single individual, I would help you to transfer assets to that trust during your lifetime. So if you have a home and we’re gonna put it into your trust, we create a new deed to convey that real estate to your trust. If you have a brokerage account, we’re gonna retitle it to you as trustee of your revocable trust.