What is a revocable living trust?

A revocable living trust is an estate planning tool available to Pennsylvania residents. It is a type of trust that allows the trustmaker, or "grantor," to keep control over the trust assets during their lifetime. The trustmaker can add or remove assets, modify the terms of the trust, or even revoke it entirely. As part of the trust, the trustmaker names a trustee to manage the assets after they pass away. The trustmaker can also designate a beneficiary or beneficiaries of the trust, who will receive the assets upon their death. The trust assets are not typically subject to probate, meaning the beneficiary does not need to go to court for the assets to be distributed. Some types of assets, such as stocks, may still require special paperwork. Although revocable trusts are not for everyone, they can be a great tool for those looking to protect their assets and provide for their loved ones in the event of their passing. They can provide more control and flexibility than other estate planning tools and are especially useful for those who own multiple pieces of real estate or other complex assets.

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What is a revocable living trust?

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