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A Revocable Living Trust is an agreement that determines how a person’s property is to be managed and distributed during his or her lifetime and upon death. A “Trust” normally involves three parties: the Settlor or Grantor, the Trustee, and the Beneficiary.
Benefits to having a Revocable Living Trust include:
- Probate Avoidance
- Reduction of Estate Tax Planning
- Management of Distribution Planning
Having a “Trust” prepared is part of a comprehensive estate plan. For a complete overview, read more here.