Simply said, no. The people who put the assets into the Revocable Living Trust and who approve the language found in the trust document about how the assets are to be managed are the “Settlors” (sometimes also called Trustors, Grantors, or Trust Makers), who also designate the “Trustees”. The Trustees are the individuals who must follow the rules for managing the assets as outlined in the Trust document. The Settlor can designate herself or himself as a Trustee or another person or entity. There can be more than one Settlor and more than one Trustee. A Trustee can sell any of the assets in the trust, buy new assets for the trust, spend money kept in or generated by the trust’s assets, and trade securities at will, among other things, as long as he or she follows the rules set out in the trust document. A Revocable Living Trust can be dissolved at any time at the will of the Settlor(s).
Revocable Living Trusts are used by millions of people and businesses with estates of varying sizes. They are important legal tools in the estate planning toolbox, but they must be drafted carefully in order to accomplish the goals desired by the Settlors. If you’d like to learn more about whether a Revocable Living Trust is right for you, please complete our INTAKE FORM and we will get with you within 24 hours, Monday-Friday.