Notice of Existence of Revocable Trust - Washington, D.C.

Notice of Existence of Revocable Trust is a legal document that was released by the District of Columbia Courts - a government authority operating within Washington, D.C..

FAQ

Q: What is a revocable trust?A: A revocable trust is a legal arrangement where a person, known as the grantor, transfers their assets into a trust and retains the ability to modify or revoke the trust during their lifetime.

Q: What is the purpose of a revocable trust?A: The purpose of a revocable trust is to provide a mechanism for managing and distributing assets during the grantor's lifetime and after their death, while avoiding probate.

Q: How does a revocable trust work?A: The grantor transfers their assets into the trust, designates beneficiaries to receive those assets, and appoints a trustee to manage the trust. The grantor retains control over the assets, but they are held in the trust's name.

Q: Is a revocable trust revocable?A: Yes, a revocable trust can be modified or revoked by the grantor at any time during their lifetime if they have the mental capacity to do so.

Q: Do assets in a revocable trust go through probate?A: No, assets held in a revocable trust generally do not go through probate. The trust assets can be distributed directly to beneficiaries according to the terms of the trust.

Q: Is a trust a public document?A: No, a revocable trust is generally a private document. It does not need to be filed or recorded with a court or government agency, and its contents are typically kept confidential.