Posted on Thu May 15, 2014, on Estate Planning
A revocable living trust is a trust created during lifetime over which the grantor reserves the right to terminate, revoke, modify, or amend. These trusts are generally used to avoid probate, provide assistance to a parent who needs help managing assets, address family situations, provide privacy and provide for orderly administration of assets after your death. During your lifetime, any assets in the revocable trust are used for your care. Because the trust is revocable the assets in the trust are still available to your creditors and are part of your taxable estate, but they are not part of you probate estate.