Revocable Living Trusts

A Revocable Trust or Living Trust is an agreement created during lifetime in which an individual (called a trustee) takes legal title to property on behalf of a beneficiary, who is typically the individual establishing the trust (often called the grantor or settlor). The trustee thereafter is responsible for transferring that property upon death. This is quite similar to the job of an executor or personal representative under a Last Will and Testament, although a trustee is normally not under the direct supervision of a probate court.

 

Trusts are typically changed with a formal document called an “Amendment” that is executed in the same formalities as a Revocable Trust execution.

 

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