What Is a Revocable Living Trust?
Trusts can also be broken out into either
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Hi, my name is James Baron, I am a special education law and special needs estate planning attorney located in Waltham, Mass. Today for About.com I'm going to talk about the topic of revocable living trusts. Trusts can be either be living trusts or testamentary trusts. A living trust is also referred to as an inter vivos trust. A living trust is created by the donor or settlor during his or her lifetime. A testamentary trust is created by the the terms of a will after somebody passes away. Trusts can also be broken out into either revocable or irrevocable trusts, as the name implies -- a revocable trust can be revoked by the settlor of the trust; an irrevocable trust cannot be revoked by the settlor.A revocable living trust is often used to help manage assets and avoid the probate process. Any property that has been placed in a trust is technically no longer owned by the person who originally owned the property, because it has been placed into the hand of the trustee. Therefore when a settlor eventually dies, that property will remain a part of the trust and will not pass according the terms of the will via the probate process. Depending on your situation, there are many different types of trusts which might help. However, it's important to understand a trust document can be very complicated and detailed.To learn more, please visit About.com. Thank you.