revocable living trust
- A trust created during the creator's life that can be changed or canceled at any time before the creator's death. The trust bypasses probate court procedures as the trust assets go directly to the beneficiaries after the creator's death, managed by a successor trustee
- The revocable living trust allowed her to manage her assets while alive, with the assurance they would go directly to her children upon her death.
- He set up a revocable living trust to avoid the lengthy probate process.
- Setting up a revocable living trust can provide potential tax benefits to the estate.
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