What is a Revocable Trust?
A trust is a three-sided legal relationship.
- The Settlor (the person funding the trust — you)
- The Trustee (the person managing the trust — a bank or a relative)
- Beneficiaries (people who receive the trust — which could also include you.)
In essence, a trust is like a rulebook for how your assets will be handled when you pass away. As the Settlor, you can name any adult as your trustee or choose Northwest Bank to fill this role. “Revocable” means the trust can be altered at any time. In other words, if you change your mind about a provision in the trust or about who should be a beneficiary or trustee, then you can change it — no questions asked.
For contrast, there are also “irrevocable trusts,” which cannot be changed once they’re .
Contact us for a free consultation for creating a revocable trust or learn more about our trustee services.