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A living trust is a legal arrangement in which you put assets into a trust and specify how you want them distributed after you pass away. It's not the best route for everyone, but it has great ...
Image source: Getty Images. 1. You could avoid the probate process. Probate is a court process in which the court determines if a will is valid and then supervises the distribution of the assets ...
With a revocable living trust, the grantor who created it has the power to change the terms of the document or to get rid of the trust entirely (similar to being able to update your will).
Virtually all trusts are made in written form, either through an inter vivos or "living trust" instrument (created while the settlor is living) or in a will (which creates a testamentary trust). Therefore, in understanding certain terms in a trust, general rules of construction regarding interpretation of wills or other testamentary documents ...
Inter vivos trust (or 'living trust'): A settlor who is living at the time the trust is established creates an inter vivos trust. Irrevocable trust: In contrast to a revocable trust, an irrevocable trust is one in which the terms of the trust cannot be amended or revised until the terms or purposes of the trust have been completed. Although in ...
Image source: Getty Images. 1. You can control your assets and change your mind as needed. A living trust is a legal arrangement that allows you to pass assets on to other people.
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