Revocable Living Trusts
What Is A Revocable Living Trust?
Next » « Previous2/6
- A legal entity created under the law of the state in which it's set up known as a trust. A trust is like a paper bag in which you put assets. Instructions concerning what to do with the assets are written on the bag. A trustee is appointed to follow the instructions.
- A revocable living trust is created while you are alive.
- You can change the assets in the trust.
- You can change the terms of the trust, including the identity of any and all beneficiaries.
- You can revoke (terminate) the trust.
- A trust continues to exist until it ends according to its terms. A trust can (and usually does) continue to exist beyond your death.
- A trust is not subject to probate. To learn more, see Probate.
Please share how this information is useful to you.
0 Comments
Post a Comment Have something to add to this topic? Contact Us.
Get Your Personal Guide