Revocable Living Trusts
A revocable living trust, similar to a Last Will and Testament, is a legal document by which a person, called the Trustor, can use to determine who will receive his or her property at death. Unlike a will, a revocable living trust can avoid probate at death, control all of your assets, and prevent a court from controlling your assets if you become incapacitated.
Most living trusts are “revocable”, which means they may be changed or modified to fit your changing circumstances or wishes. Revocable living trusts are called “living” because you make them during your lifetime. Once you set up a revocable living trust, you transfer assets from your name to the name of your trust, which you control. Such as, from Michael and Sara Jones to Michael and Sara Jones as Trustees of the Jones Family Revocable Living Trust, dated January 1, 2015. If funded properly, there will be nothing for the courts to control if you become incapacitated, or probate when you die.
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