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Revocable Living Trusts

What Is A Revocable Living Trust?

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  • 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.

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