What is a revocable living trust?

Question

I keep hearing about revocable living trusts but do not fully understand what they are. I am not looking for complicated tax planning. I mainly want to understand who owns the property after it goes into the trust, whether I still control it while I am alive, and what the successor trustee does if I become incapacitated or die.

Soradin · Accepted Answer

It is a changeable legal arrangement in which a trustee manages property under written instructions. For this legal issue, a revocable living trust can hold assets during life and direct how they are managed after incapacity or death. For this legal issue, it only controls property that is transferred to the trust or made payable to it, and it does not automatically eliminate taxes or creditor claims.

What is a revocable living trust?

Soradin

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