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“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.
The process can sometimes take years, not to mention the piles of paperwork and legal fees. For example, when the beloved entertainer Prince passed away in 2016, the legal dogfight over his estate ...
A trust generally involves three "persons" in its creation and administration: (A) a settlor or grantor who creates the trust; [11] (B) a trustee who administers and manages the trust and its assets; and (C) a beneficiary who receives the benefit of the administered property in the trust. In many instances where a revocable living trust is ...
The grantor and the trustee are often the same person, especially in the case of a revocable living trust. This arrangement provides asset protection, can save time and may reduce paperwork.
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.
Living trusts come in two forms -- revocable and irrevocable. 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 ...
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