Revocable Living Trust: How To Setup And What Assets To Include And Not Include In It

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You’ve probably heard of a revocable living trust, and you know that it’s something essential to have, but you’re not sure what it is or why you need one.

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What Is a Revocable Living Trust?

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A living trust can help you manage your assets if you become ill, disabled, or incapacitated. It also allows you to set details on asset distribution after your death.

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What Are Revocable Living Trusts Used For?

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If you die without a trust or a last will, your assets will be distributed by your state’s intestate succession laws.

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Example of a Revocable Living Trust for a Couple

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Either party has the right to revoke the trust in whole or in part at any time, and each has the right to put assets into the trust or take them out. The Trusts do not exist in terms of taxation.

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Revocable Living Trust: How To Setup And What Assets To Include And Not Include In It

You’ve probably heard of a revocable living trust, and you know that it’s something essential to have, but you’re not sure what it is or why you need one.

What Is a Revocable Living Trust?

A living trust can help you manage your assets if you become ill, disabled, or incapacitated. It also allows you to set details on asset distribution after your death.

What Are Revocable Living Trusts Used For?

If you die without a trust or a last will, your assets will be distributed by your state’s intestate succession laws.

Example of a Revocable Living Trust for a Couple

For example, a couple establishes a revocable living trust so that they each serve as joint Trustees and Beneficiaries.

Either party has the right to revoke the trust in whole or in part at any time, and each has the right to put assets into the trust or take them out. The Trusts do not exist in terms of taxation.

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