revocable trust
A revocable trust is a will substitute , meaning that title of assets in the trust is transferred during the lifetime of the donor , even though the benefits of the assets are not enjoyed by the beneficiary until after the death of the donor. Like all trusts, assets are passed on to a fiduciary that controls the assets for the enjoyment of a beneficiary. As the name suggests, a revocable trust can be revoked by the donor at any time during the donor’s lifetime.
[Last reviewed in June of 2024 by the Wex Definitions Team ]
Keywords
Wex
- LIFE EVENTS
- financial events
- wills
- PROPERTY
- trusts
- inheritances & estates
- wex definitions
- property law