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A revocable trust is created during the life-time of the grantor. A trustee (often the grantor) initially holds property for the benefit of the grantor. It is not used to avoid income, gift or estate taxation. However, it is utilized in the following situations:
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Where the grantor, during lifetime, wishes to provide for management responsibility over property;
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Where the grantor wishes to assure continuity of management and income flow of assets in the event of death or disability;
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Where a grantor desires privacy in the handling and administration of his assets during lifetime and at death;
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Where the grantor wishes to minimize estate administration costs and delays at death;
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Where the grantor wishes to avoid ancillary administration of assets situated in other states by placing title in the trust.
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