When lawyers use the terms “revocable” and “living” when referring to a trust, they’re doing so because those words have specific meaning in the law. A revocable living trust is “revocable” because you, as the person who creates the trust, have the right to revoke or modify its terms as at any time. On the other hand, if you were to create an irrevocable trust, you cannot change or revoke the trust terms later.
Topics covered in this report include:
- Trusts
- Revocable, Living
- RLTs
- Developing a Plan That Relies Upon an RLT
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Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.
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