Okay kiddo, imagine you have a big treasure box filled with your favorite toys, books, and maybe even some cookies 🍪🎁. Now, let’s say you want to let someone — like your grandma — take care of that treasure box for you. But you still want to be the boss and be able to change your mind later.
That’s kind of what a revocable trust is!
Let’s break it down:
A trust is like a special treasure box for grown-ups. Instead of toys, it holds money, houses, or other valuable stuff. The person who owns the treasure box is called the grantor (that could be your mom or dad). They choose a helper called a trustee (maybe like grandma) to take care of the box.
Now, the word revocable is a fancy word that means “you can change it anytime.” So if your mom or dad put stuff in the treasure box, they can still open it, take things out, or change what’s inside whenever they want! It’s like having a magic key that always works! ✨🔑
Why do people use revocable trusts?
Well, it helps make sure that if something happens to them (like they go on a long trip), the person they picked — the trustee — can keep taking care of the treasure box and share things with the people they love.
But don’t worry — they can always change their mind if they want to. That’s what makes it “revocable.”
So it’s like saying, “I’m letting you watch my stuff… but I’m still the boss!” 😄
Pretty cool, right? Want to make your own pretend treasure trust?
