A trust created while a person is still alive is called a revocable living trust. It is created when one person, a Grantor, places property into the trust. The property is held by a Trustee in the name of the trust and managed by the Trustee for the benefit of a Beneficiary. You (the Grantor) can also be the Trustee and Beneficiary of your own trust, and retain management control over your own property. Should something happen where you are not capable of being the trustee anymore, then your successor trustee takes control and must follow the trust’s terms and conditions.
If two people are married, they can also have a joint revocable trust, which has certain advantages.
Contact An Experienced Dallas Estate Planning Attorney
Whether you're planning your own estate, trying to understand a parent's estate plan, caring for an aging relative or facing probate, our experienced Dallas estate planning and probate attorneys can help you navigate the process and safeguard your family's future. Contact Smith Klein Law today to schedule an appointment for a free initial consultation.