What is a revocable living trust?

A revocable living trust is a legal document that is used in estate planning in California. It is a type of trust that can be changed or revoked by the person who created it during their lifetime. The trust document states who will manage the trust and how the trust assets will be distributed when the trustmaker passes away. The revocable living trust is one of the most popular estate planning tools in California. It is used to avoid probate court when the trustmaker dies. This can help to save time and money for the heirs of the estate. The trustmaker is both the grantor and the trustee of the trust. The grantor has control of the trust and can change the terms at any time. The trustee has the responsibility of managing the trust and can be the grantor or a named individual or company. The trust can be used to transfer property and assets to beneficiaries, as well as to provide for payment of estate taxes. The trust also allows the trustmaker to stipulate how the assets within the trust should be administered according to their wishes. The trust also provides flexibility in making changes to the management of the trust. Overall, a revocable living trust is one of the most versatile and popular estate planning tools available in California. It can provide flexibility and control to the trustmaker while they are alive, as well as order and structure after they have passed.

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What is a revocable living trust?

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