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Revocable living trusts were often touted and marketed as valuable solely because of their ability to "avoid probate" and the costs and complications that surrounded it. Although probate avoidance is certainly a consideration in the use of a "living trust", there are many other estate planning techniques which also "avoid" probate.
A revocable trust also allows you the freedom to change your mind about the trustees and beneficiaries. If family relationships, friendships, or business relationships change over time, you might ...
Trustees play a vital role in the management and direction of revocable trusts. However, sometimes trustees need to be removed and replaced. While some trusts can be easily amended to change ...
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.
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 ...
The increased use of trusts in estate planning during the latter half of the 20th century highlighted inconsistencies in how trust law was governed across the United States. In 1993, recognizing the need for a more uniform approach, the Uniform Law Commission (ULC) appointed a study committee chaired by Justice Maurice A. Hartnett III of the ...
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