A revocable trust (or inter vivos trust) is established during a person's lifetime for the management of property, investments and distributions. It is an agreement between an asset owner and a selected trustee for the benefit of named beneficiaries. The trust may serve to simplify distribution of assets when the asset owner passes away. A revocable trust, in accordance with its terms, may be amended or terminated at any time to meet changing needs.
The Guaranty Bank Trust Department, as trustee, provides the following services for revocable trusts: