Kramer Law on Revocable Trust part 2

WHAT IS A REVOCABLE TRUST?

A revocable trust (sometimes referred to as a "living trust") is a written agreement between the person creating the trust and the person creating the trust and the person named to manage the assets of the trust (typically yourself during your lifetime). The revocable trust will also name the person and/or financial institution who would handle your assets in the event of your disability and their distribution in the event of your death.

A revocable trust may be amended or revoked by you at any time during your life, as long as you are competent. The terms of your trust become irrevocable (not subject to change) after your death. Because a revocable trust contains provisions which direct the distribution of your assets on or after your death, the trust acts as a "will substitute".

In so acting as a "will substitute", the use of a revocable trust can, if implemented properly, eliminate the need for the probate of your assets held in the name of your trust, thus avoiding additional legal and probate fees and perhaps, unnecessary delays in the administration and distribution of your estate.

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