A revocable trust, living trust, or revocable living trust is an agreement (trust agreement) that allows property to be owned in the name of the trust. Property owned by a trust is able to avoid the cost and delay associated with the probate courts and the probate process, and the trust agreement can allow you to have some degree of control over the assets after you die. This may be of great importance to someone with minor or incapacitated children. They are not just for the rich. They are for anyone wanting to avoid probate.
A living trust can be revoked at any time prior to death, and it is only as good as the property that is put into it. A revocable trust will not avoid estate taxes, although it can be used as a planning tool between spouses to help avoid or minimize estate taxes.
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