The most common type of trust is a revocable living trust. The settlor is the person who creates the revocable trust. It is essential to know that under a revocable trust, the settlor is also the trustee. Once the revocable trust is established, the settlor transfers assets to the trust.
The acting trustee under a revocable trust controls the assets in the trust. Thus, the settler under a revocable trust can still sell those assets if the settlor wants to. The settlor also has the right to amend a revocable trust. For example, a settlor under a revocable trust may wish to eliminate a beneficiary. A settlor may make changes to their revocable trust for other reasons as well.
An irrevocable trust is much different than a revocable trust. Under an irrevocable trust, the settlor loses the ability to make changes to the trust. For example, the settlor under an irrevocable trust cannot eliminate a beneficiary.
The settler under an irrevocable trust loses the right to control the assets. Assets under an irrevocable trust must be transferred to a person acting as a trustee. The trustee must be someone other than the settlor. The settlor under an irrevocable trust cannot remove the assets.
The trustee under an irrevocable trust holds legal title to the property. Under an irrevocable trust, the trustee manages the assets. They are managed for the benefit of the named beneficiaries during the settlor’s life. After the trust settler’s death, the trustee distributes them to the beneficiaries.
A joint revocable living trust is set up by two people. They are called the joint grantors. These trusts are funded with joint or separate property. If you draft a joint revocable trust correctly, the surviving spouse will keep the rights in their separate trust property. They also retain their share of community property.
Complete this form and we’ll get back to you within 24 hours
Appointments available in-office.
Home and hospital appointments available within 15 miles.
“Wanted to update several Trust documents. Mr Hanks gave me good advice on several questions I had, gave me the fee amount to revise my documents and I had the finish product in a few days. I called several months later to ask about a referral to another professional in the area. His secretary called the next day with a name and phone number.” . . . S. Spotter
“We went to Paul for our Living Trust and Powers of Attorney. He was helpful and provided everything that was needed. If you need legal assistance and live in Santee, give Paul a call and see how he can help. I do not think you will be disappointed. We will use them for our Probate of Estate.“ . . . Les Ford
The use of the Internet or a form on this site for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. The information you obtain at this site is not, nor is it intended to be, legal advice. We invite you to contact us and welcome your emails and phone calls. Contacting us does not create an attorney-client relationship. No attorney-client relationship exists by reason of your use of this website, as well as email exchanges or phone calls with this law firm, or legal advice provided at no charge.