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It means that the trustor, or maker of the trust, retained the right to terminate the trust and recover the trust property. That type of trust has tax consequences for the trustor and may leave the property exposed to creditors.
An irrevocable trust takes all power over the property out of the trustor's control and out of her/his estate.
What else can I help you with?
Do you capitalize the word trust when referring to a revocable living trust in the general sense?
No. You only need to capitalize the word "trust" or "trustees" when you are referring to the specific trust. For example: As referenced in the John Doe Revocable Living Trust. John Doe, as Trustee for the John Doe Revocable Living Trust. However, if you are simply refering to the trust, you do not need to capitalize the word trust. The above-mentioned trust contains limited authority for the trustees.
How do you abbreviate the word revocable?
revocable
How many syllables are there in word revocable?
There is four syllables in the word revocable. The syllables are rev-o-ca-ble.
What is the meaning of the word revokcable?
Revocable is a legal term. Something that is "revocable" is able to be cancelled at a later date.
How to properly name a living trust?
To properly name a living trust, you should include your name, the word "trust," and the date it was created. For example, "John Smith Living Trust, created on January 1, 2022."
What does 'she is as good as her word' mean?
It means you can trust her. Her word is good.
What are some synonyms for the word revocable?
To revoke means to recall, reverse or withdraw something. Therefore, good synonyms for the adjective revocable are reversible, rescindable or voidable.
What does the word treysta mean?
Trust, Strengthen and Reinforce
What does the word famo mean?
peace trust and violence
How do you write the word trust in Korean writing?
The word 'trust' may be either 신뢰 (sinroe) or 신임 (sinim) in Korean.믿음 (mid-oom) can mean 'trust' too
What is a person assurance that you will keep a comitment?
You must build trust , By living up to your word.
What is the prefix of revocable?
Oh, dude, the prefix of "revocable" is "re-." It's like when you're playing Scrabble and you're trying to make a cool word, but you're stuck with boring old "re-." It's just hanging out there, making "revocable" sound all official and stuff.
