What is a revocable living trust?

A revocable living trust is a legal document that is commonly used in estate planning. It is recognized in Idaho and allows people to arrange how their property and assets will be distributed after they die. A revocable living trust is also known as a ‘living trust’ or ‘revocable trust.’ When creating a revocable living trust, the property owner (‘grantor’) transfers ownership of their assets to an individual or organization (‘trustee’). The grantor then remains the legal owner of the property, but the trustee is responsible for managing and distributing the assets according to the terms of the trust. Since the grantor retains legal ownership, they can make changes to the trust while they’re still alive and can revoke the trust at any time. Revocable living trusts are created with the intention of avoiding probate, which is the legal process of transferring property and assets to heirs after a person has died. By transferring ownership to a trust, the grantor ensures that their assets can be distributed according to their wishes without going through probate court. All in all, a revocable living trust is a legal document that is commonly used in estate planning in Idaho. It allows the grantor to transfer ownership of their assets to a trustee while still retaining legal ownership of the property. This allows their assets to be managed and distributed according to their wishes without going through probate court.

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What is a revocable living trust?

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