A revocable living trust is an essential estate planning tool used for securing one's assets during life and then efficiently transferring those assets upon death. One huge advantage of this document is that the assets in the trust will avoid probate court upon the death of its creator. This can save up to 15-20% of the value of the trust in probate fees and ensures that those assets will be distributed much more quickly to the beneficiaries.
In a revocable living trust, the creator of the trust, called the "Grantor", is also the person in control of the trust assets, called the "Trustee." This means that the Grantor retains complete control over the trust assets during his or her life. After the trust is created it can be revoked or amended at any time, allowing the Grantor to take his or her assets back out of the trust should the need arise. Once the Grantor dies, the designated successor Trustee administers the trust in accordance with the Grantor's wishes.
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