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 ]

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