|By: Anthony J. Grizanti and Meghan McGrattan|
There are some advantages to using a revocable trust to manage assets.
What is a revocable trust?
A revocable trust is a trust that can be altered, amended or revoked by the settlor (creator). The settlor transfers his or his assets into the trust, but still retains the power over the assets and enjoys the benefit of the assets during the settlor's life.
Do I still need a will?
Yes! The trust agreement contains provisions, similar to those in a will, that dispose of the settlor's property upon his or her death. However, as a precaution, a will is needed to distribute assets in the event that an asset is not transferred into the trust.
Click here to learn more [Revocable Trusts in Your Estate Plan]