A revocable trust is a legal arrangement whereby a grantor transfers property to a trustee who holds the property in trust for the grantor’s benefit.
A revocable trust is a legal arrangement whereby a grantor transfers property to a trustee who holds the property in trust for the grantor’s benefit. This type of agreement provides flexibility and income to the living grantor; he or she is able to adjust the provisions of the trust and earn income, all the while knowing that the estate will be transferred upon death. RELATED TERMS. The Grantor of a Trust. The Grantor in a Trust is the person with the bucks. In other words, the Grantor of a Trust contract is the owner of the asset(s) which could be any asset from personal residential real estate to stock accounts to business or partnership assets and anything else of monetary value. Grantor retains control in Living Revocable Trusts. Since the Grantor retains control in the Living Revocable Trust, it can destroy your estate in the event of a lawsuit, serious illness or elderly care. The Living Revocable Trust is also known as the Living Trust. Grantor is the legal term for a person who creates a trust, and beneficiaries are people named by the grantor to benefit from the trust by receiving the trust's property. The legal terms grantor, settlor, and creator have the same meaning and can be used interchangeably. The grantor can appoint one of the beneficiaries to be the trustee. However, the grantor cannot be the trustee of an irrevocable trust. The terms of the trust instruct the trustee on what duties to perform and how to distribute property to the beneficiaries. A trust whereby provisions can be altered or canceled dependent on the grantor. During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to the beneficiaries. Also referred to as a revocable living trust. This type of agreement provides flexibility and income to the living grantor; he or she is able to adjust the provisions of the trust and earn income, all the while knowing that the estate will be transferred upon death. RELATED TERMS. grantor. The person who creates the living trust. He or she decides what property to include and who the beneficiaries will be. Because the trust is revocable (i.e., can be changed or terminated) until the grantor dies, the grantor can change any part of the trust as often as he or she likes. The grantor is sometimes also called the trustor or the settlor. Basic Types of Trusts. The person who creates a trust is called the grantor, the person who manages the trust is called the trustee (who may also be the grantor), and those people or organizations for whom the trust is created are called beneficiaries. A trust may be either revocable or irrevocable. With a revocable trust, the grantor retains full control of the assets placed in the trust, may remove assets from the trust, may change the beneficiaries, and may cancel (or revoke) the trust entirely. With an irrevocable trust, the grantor gives up this type of control One type of grantor trust that is useful in estate planning is a grantor trust. This trust allows the grantor (the individual who establishes the trust) to have control over the trust assets and receive income that is created from the trust. The grantor trust is often called a living trust or a revocable trust. To fully comprehend the grantor trust, it is pertinent have an understanding of how the trust is established and what sets it apart from other types of trusts.  A grantor transfers property, which includes money and assets, to a trust for the benefit of the trust's beneficiaries. The trustee will distribute property to the beneficiaries in accordance with the terms of the trust, as written by the grantor. A trust can have one beneficiary or multiple beneficiaries. The grantor can appoint one of the beneficiaries to be the trustee. However, the grantor cannot be the trustee of an irrevocable trust. The terms of the trust instruct the trustee on what duties to perform and how to distribute property to th Revocable living trusts are by far the most widely used type of trust. In fact, revocable living trusts have become the centerpiece for many estate plans. Thus, it is important that planners and clients understand what revocable living trusts can and can not accomplish. 
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what is the grantor of a revocable trust