Download this Delaware Revocable Living Trust Form which is a method by which a person can transfer his or her assets to a separate entity to be distributed to loved ones as chosen by the grantor. A trust provides flexibility to the grantor as to how and when assets will be distributed. For instance, a grantor can decide that the beneficiaries have to reach a certain age before they can receive adistribution. Also, a grantor can specify purposes for the distribution, such as payments fo health and education. The grantor specifies a trusted person to be the trustee. The trustee has a responsibility to administer the trust properly and that all actions taken are for the benefit of the beneficiaries.
A revocable trust can be changed or revoked by the grantor during his or her lifetime, but it becomes irrevocable upon the grantor’s death.