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The final text of the Uniform Trust Code (UTC) was approved by the ULC commissioners in August 2000. The American Bar Association's House of Delegates officially endorsed the UTC in February 2001. The following months saw the finalization of detailed interpretive comments in April 2001 and minor clean-up revisions in August 2001. [ 2 ]
Florida recognizes two broad categories of trusts: revocable and irrevocable. A revocable trust, also referred to as a living trust, can allow you to manage your assets during your lifetime while ...
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 ...
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.
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 ...
A revocable, or “living” trust is a commonly used type of trust that allows the grantor — the trust’s creator — to make changes, or even cancel the trust, based on their preferences.