Duhaime's Law Dictionary

Revocable Trust Definition:

A trust which can be revoked at the discretion of the settlor.

Related Terms: Living Trust

In Florida National Bank of Palm Beach City, Justice Adkins of the Supreme Court of Florida described the law as follows:

"The settlor has power to revoke the trust if and to the extent that by the terms of the trust he reserved such a power....

"A revocable trust is a unique type of transfer.... [I]t is created when a person, called the settlor, subjects property owned by him to a trust for the benefit of at least one other person, reserving to himself as settlor-beneficiary the income from the trust property for life and the power to revoke the trust in whole or in part at any time. The other person or persons' enjoyment of the trust is postponed until the settlor's death.

"By definition, then, when a settlor sets up a revocable trust, he or she has the right to recall or end the trust at any time, and thereby regain absolute ownership of the trust property. This retention of control over property distinguishes a revocable trust from the other types of conveyances in which the principle of undue influence is applied, i.e., gifts, deeds, wills, contracts, etc."


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