This is Episode 4 of Estate Planning Demystified. In this episode, I discuss the Revocable Living Trust in more detail including:
There are any different terms used to describe the same thing: revocable trust, living trust, revocable living trust, family trust, A-B Trust. All terms essentially describe the same instrument:
A. The creation by a person of a legal vehicle, while alive;
B. that has a separate legal existence from the people who created it;
C. to hold property for the benefit of the people that created and other people who are called “beneficiaries”
D. where the people who create it generally maintain full control over it while they are alive
I also discuss some of the benefits of a Revocable Living Trust over a Will include: (1) elimination of the probate process; and (2) immediate and continuous access to assets and to cash flow.
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