What is a revocable living trust?

A revocable living trust is a legal document created by an individual in the state of Utah as part of their estate planning. It allows the individual to retain control of their assets while allowing them to distribute their assets as they see fit after they pass away. The individual creates the trust, known as the grantor or settlor, and appoints a trustee to oversee and manage it while they are alive. The trust is revocable, meaning that the grantor always has the right to make changes or even revoke the trust during their lifetime. The trust allows the grantor to provide for their beneficiaries after they pass away, directing the trustee to distribute their assets according to their wishes. It is also a useful tool for managing assets if the grantor becomes incapacitated. The trust can also reduce the cost of probate, protect assets from creditors, and avoid public disclosure of the grantor’s estate. All assets transferred into the trust must be properly managed and monitored by the trustee. The trust document outlines the grantor’s instructions for managing and distributing the assets, along with timelines and conditions that must be met. The trust can be revoked, amended, or terminated at any time if the grantor wishes to do so.

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What is a revocable living trust?

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