What is a Revocable Living Trust?

What is a Revocable Living Trust?

What is a Revocable Living Trust?  There are various different types and forms of a trust.  The most widely utilized is a revocable living trust, which is a trust created during your lifetime that can be terminated or changed during your lifetime as long as you are mentally capable.  When you die, the trust becomes irrevocable, and the trust is then administered according to the instructions in the trust document.  The trust designates a trustee who is responsible for the administration and management of the trust assets.  Assets held in trust are not subject to the probate process because, at your death, the trust is considered a separate legal entity.  Because the trust is not probated, the beneficiaries of the trust have immediate access to the trust assets, and therefore, the distribution of the assets is generally quicker.

The Impact of the Pending 2025 Expiration of the 2017 Tax Cuts and Jobs Act on Estate Planning

The Impact of the Pending 2025 Expiration of the 2017 Tax Cuts and Jobs Act on Estate Planning

The Tax Cuts and Jobs Act (TCJA) of 2017 significantly increased the federal estate and gift tax exemptions. But all good things must end, and unless...

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What Happens If You Die Without a Will in Ohio?

What Happens If You Die Without a Will in Ohio?

Why Every Adult Needs an Estate Plan, Even If You Think You Don’t No one likes to think about their own passing, but failing to plan can leave your...

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