What is a revocable living trust?

A revocable living trust is an estate planning tool used in Utah and other states to help individuals plan for their financial future. It is a legal document that allows the creator (also known as the settlor or grantor) to transfer their assets into a trust in which they are the trustee (the person who controls the assets). The trustee can make decisions about how the assets should be distributed upon their death. The trust can also be amended or revoked by the settlor at any time while they are alive. The key benefit of a revocable living trust is that it simplifies the estate planning process and ensures that the settlor’s wishes are carried out after their death. The assets placed in the trust can be managed and controlled by the trustee while the settlor is alive and the assets are automatically distributed upon their death according to the settlor’s wishes. The settlor can also name a designated beneficiary to receive the assets in the trust. This can be helpful to ensure there are no disputes between family members upon the settlor’s death since the designated beneficiary will receive their share of the assets without any court action. A revocable living trust is a useful estate planning tool for people in Utah and other states and it can provide peace of mind to individuals who want to plan for their future. It ensures that the settlor’s wishes are carried out and avoids the time and expense of probate court proceedings.

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What is a revocable living trust?

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