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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.
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 ...
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 ...
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 or revocable living trust is one that can be amended, changed, or even dissolved. Usually, this type of trust makes the most sense when the grantor is alive and healthy.
Continue reading → The post Pros and Cons of Revocable Living Trust appeared first on SmartAsset Blog. A revocable living trust can help you protect privacy, avoid probate and protects you in ...
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