What makes a revocable trust revocable?

What makes a revocable trust revocable?
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Answer :

Yes. The settlor ordinarily reserves the right in the trust document to amend or revoke the trust at any time during his or her lifetime. This enables the settlor to revise the trust (or even terminate the trust) to take into account any change of circumstances such as marriage, divorce, death, disability or even a change of mind. It also gives the settlor the peace of mind that he can undo what he has done.
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Related questions

My aunt just died. What is a revocable trust?

Description : My aunt just died. What is a revocable trust?

Last Answer : A revocable trust is one where the grantor reserves the right to revoke the trust. It's taxed a little differently than an irrevocable trust. Check with your tax preparer to see if there are any issues. Less ... . I'd say have a certified copy and ask for someone with authority, not a teller or csr.

What kind of terms generally apply in a revocable trust?

Description : What kind of terms generally apply in a revocable trust?

Last Answer : When it comes to a revocable trust, the trust is usually used for immediate family, or people who are listed on the trust. There is no trustee so it is pretty much a cheaper option since it is straight forward process.

Difference between a Revocable Living Trust and Dynasty Trust.?

Description : Difference between a Revocable Living Trust and Dynasty Trust.?

Last Answer : In both a revocable living trust and dynasty trust, the trust assets are managed by a trustee separate and apart from your personal assets. The primary difference is that a revocable trust can be modified ... a dynasty trust is created it cannot be revoked or modified by the settlor of the trust.

can a revocable trust be terminated before it's expiration date and devided however the trustee wants or does it have to be divided equally shares?

Description : can a revocable trust be terminated before it's expiration date and devided however the trustee wants or does it have to be divided equally shares?

Last Answer : A revocable trust is just that - revocable. If you are the creator of the trust, you can revoke it and change ownership of property.

Why would one work with a revocable trust?

Description : Why would one work with a revocable trust?

Last Answer : Revocable trust includes many advantages. Revocable Trust's main advantage is the agreement provides flexibility and income to the living grantor.

Can you modify a revocable trust?

Description : Can you modify a revocable trust?

Last Answer : A revocable trust can be changed or modified prior to the Settlor's (a settlor is the person who opened the trust, in this case your aunt) death. Only the Settlor can change or terminate the trust, and ... made with a spouse who has passed away, it may not be possible for the trust to be changed.

Where can I search to learn about revocable trust?

Description : Where can I search to learn about revocable trust?

Last Answer : Revocable trust is the process where you send your assets to someone you trust in order to have tax breaks when someone inherits an estate. ehow.com has some good briefings on the subject.

If an exporter is doubtful about an issuing bank's ability to pay, he will expect a domestic bank to join the transaction in a _____ letter of credit. A. revolving B. irrevocable C. revocable D. unconfirmed E. confirmed

Description : If an exporter is doubtful about an issuing bank's ability to pay, he will expect a domestic bank to join the transaction in a _____ letter of credit. A. revolving B. irrevocable C. revocable D. unconfirmed E. confirmed

Last Answer : E. confirmed

If a letter of credit can be neither cancelled nor modified without the consent of all parties, it is known as _____. A. revolving B. irrevocable C. revocable D. unconfirmed E. unclean

Description : If a letter of credit can be neither cancelled nor modified without the consent of all parties, it is known as _____. A. revolving B. irrevocable C. revocable D. unconfirmed E. unclean

Last Answer : B. irrevocable

Which one of the following statement is true? (a) Offer and acceptance are revocable (b) Offer and acceptance are irrevocable (c) An offer can be revoked but acceptance cannot (d) An offer cannot be revoked but acceptance can be revoked.

Description : Which one of the following statement is true? (a) Offer and acceptance are revocable (b) Offer and acceptance are irrevocable (c) An offer can be revoked but acceptance cannot (d) An offer cannot be revoked but acceptance can be revoked.

Last Answer : (a) Offer and acceptance are revocable

What advantage comes from trust between alliance partners? a) Trust enables partners to enter into detailed formal contracts. b) Trust makes partners more willing to share information. c) Trust increases relational risks. d) Trust causes partners to cheat on each other

Description : What advantage comes from trust between alliance partners? a) Trust enables partners to enter into detailed formal contracts. b) Trust makes partners more willing to share information. c) Trust increases relational risks. d) Trust causes partners to cheat on each other

Last Answer : Trust makes partners more willing to share information.