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Here's what a revocable trust is and how it works and may benefit you. A revocable trust is a legal entity that can own, buy, sell, hold, and manage assets according to a specific set of...
A living trust is a document that places your assets into a trust during your life and then distributes them to your beneficiaries after your death. The trust provides control over your assets and avoidance of probate. How does a revocable trust work?
Revocable trusts are an estate planning tool that avoid probate court and therefore prevent the transfer of assets from becoming public. Living trusts are created and funded during the grantor’s lifetime.
A revocable living trust offers grantors flexibility that other trusts do not. They also provide benefits like more privacy. Here's how it works.
Revocable vs. Irrevocable Trusts. A revocable trust is exactly as its name implies: It can be revoked at any time. Frequently called a “living trust,” it allows you to access your funds, make changes to your trust, add or take away beneficiaries, or dissolve your trust at your discretion.
A revocable trust, also called a living trust, can be revoked or changed until the grantor's death. The grantor typically acts as trustee of a revocable trust during their lifetime. Benefits of a living trust include avoiding probate and retaining control over assets, unlike with other trusts.
Revocable trusts are much more common than irrevocable trusts because they provide many important estate planning benefits.