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Revocable Living Trusts

Summary

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A Revocable Living Trust is a trust which:

  • You create during your lifetime.
  • Includes instructions for what happens to the assets and income from them while you are alive and upon your death.
  • Because the trust is "revocable," you can change the terms of the trust at any time while you are alive.

Revocable Living Trusts have become very popular tools for avoiding probate. Revocable Living Trusts can also be used to avoid guardianship proceedings if you become incapacitated and for other worthwhile purposes. Avoiding estate taxes is not one of them. Contrary to popular belief, assets in a Revocable Living Trust are included in your estate for estate tax purposes.

In no case should a trust of any kind be used in place of a Will.

For more information, see the other sections of this article.


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