What is a revocable living trust?

A revocable living trust is an estate planning tool used in Idaho and other states to allow individuals to maintain control over and ownership of their assets while avoiding the lengthy and expensive probate process after death. It is a legal agreement through which individuals (the “grantors”) can transfer ownership of their assets to a trustee(s) on their behalf. The trustee then manages the assets in accordance with the instructions of the grantor, such as paying bills, managing investments, and transferring assets after their death. The grantor is able to retain control of the assets, as they can revoke the trust at any point while they are living. Once the grantor passes away, the trust becomes irrevocable and the trustee is responsible for distributing the assets according to the instructions of the grantor. A revocable living trust is an effective way for individuals to maintain control over their assets, minimize taxes, and provide financial security for their loved ones.

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What is a revocable living trust?

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