What is the” Revocable” part of a Revocable Living Trust?
To say that something is “revocable” simply means that it is not permanent (irrevocable). As applied to a Revocable Living Trust, it means several things: (1) After you initially set up your trust and place your assets in the name of the trust, you can always, at any time and for any reason, remove assets from the trust; (2) It also means that placing assets in the name of your trust is a non-taxable transfer, thus real property is not re-appraised and the transfer of other investments does not create a taxable transfer; (3) In addition to removing assets from your trust, you can also, at any time and for any reason, change the terms of your trust, including changing beneficiaries and/or the persons you have left in charge of settling your estate at your death.
