A lot of people wonder exactly what a Revocable Living Trust is. It is, simply, an agreement regarding how a person’s property and assets are to be managed both in their lifetime and after their death. It generally involves a settlor, a trustee and a beneficiary. The settlor is the person whose property the trust is handling, as a rule. The trustee is the person who holds and manages the trust, and often times is the settlor during their lifetime, and whoever the settlor appoints to do so after their death. The beneficiary is the person who receives the principal or income from said trust. It also can be the settlor during their lifetime, and whomever the settler names after their death.
As it says in the name, a Revocable Living Trust can be changed or revoked at the wish of the settlor at any time up to their death, for whatever reason they see fit. Marriage, divorce, children, or simply changing one’s mind, your Revocable Living Trust can adapt to fit your wishes. At Meurer Law Offices in Denver, experienced estate lawyers can help you set up your revocable living trust, and guide you through any changes you may want to enact on it.