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LSDefine

Simple English definitions for legal terms

Revocable Trust

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A quick definition of Revocable Trust:

A revocable trust is a legal arrangement where someone (called the donor) transfers their belongings to someone else (called the trustee) to take care of them for someone else (called the beneficiary). The donor can change their mind and take back their belongings at any time. The beneficiary only gets the belongings after the donor dies. It's like a secret treasure chest that someone else takes care of until you're old enough to open it.

A more thorough explanation:

A revocable trust is a legal arrangement where the person creating the trust (the donor) transfers their assets to a trustee who manages the assets for the benefit of a beneficiary. The donor can change or cancel the trust at any time during their lifetime.

John creates a revocable trust and transfers his house, car, and savings account to the trust. He names his daughter, Sarah, as the beneficiary. John can still live in the house, drive the car, and use the money in the savings account. However, when John passes away, the assets in the trust will be transferred to Sarah.

Another example is if a person creates a revocable trust and names themselves as the trustee and beneficiary. They can manage their assets as they wish during their lifetime, but when they pass away, the assets will be transferred to their chosen beneficiaries.

These examples illustrate how a revocable trust allows the donor to maintain control over their assets during their lifetime while also ensuring that their beneficiaries receive the assets after their death.

Revocable living trust | Revocation

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[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
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