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This privacy alone makes some people prefer going the living trust route. 3. Living trusts allow you to make adjustments if you need to. A living trust is also known as a revocable trust because ...
Living trusts are private, changeable, and efficient. Are they right for you?
No need to put this in a revocable trust. Simply name your beneficiaries within the policy. Or, create an irrevocable life insurance trust (ILIT) to avoid estate taxes.
In most situations, a revocable trust is better because most people want the ability to move their assets around and spend their money as desired. A living revocable trust provides this advantage.
If a revocable living trust is used as a part of an estate plan, the key to probate avoidance is ensuring that the living trust is "funded" during the lifetime of the person establishing the trust. After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust.
“Revocable” means you can change the terms at any time, so long of course as you’re “living.” As the assets aren't considered a part of your estate, they sidestep the probate process.
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