Revocable Trust

A revocable trust is an estate planning tool. Individuals can establish revocable trusts to own and manage their assets (under instruction from the individual), administer them if the individual (the grantor) becomes ill or otherwise incapacitated and distribute them after death (also as instructed). They are referred to as revocable as the grantor can alter them without restriction. Irrevocable trusts, by contrast, cannot be altered. Individuals can appoint themselves as trustee under this arrangement, although trust professionals always recommend a co-trustee be appointed.