What is a revocable living trust?

A revocable living trust is a type of estate planning tool used in Pennsylvania to help individuals manage their financial assets during their lifetime and to distribute those assets after their death. It is revocable because it can be changed or revoked at any time, as opposed to an irrevocable trust, which cannot be changed or revoked once it is created. A revocable living trust is created by an individual with the assistance of an attorney. During the creation process, their assets are transferred into the name of the trust. The individual, who is known as the grantor or settlor, also appoints someone to manage the trust assets during their lifetime, called the trustee. When the grantor passes away, their assets will be distributed to their beneficiaries according to the terms of the trust document. The primary benefit of a revocable living trust is that it allows an individual to retain control of their assets during their lifetime, while also ensuring they are distributed according to their wishes after they pass away. In addition, the assets placed in the trust are protected from creditors and may not have to go through the probate process, which can be time consuming and costly. Ultimately, the decision of whether to create a revocable living trust is an individual one. It is important to speak with an experienced estate planning lawyer to discuss the pros and cons of this type of trust and to determine if it is the right choice for you.

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What is a revocable living trust?

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