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Sometimes called a Revocable Living Trust, this trust is
created during the person’s life. The person (grantor) transfers ownership of
property and assets to the trust. The grantor can serve as the trustee or select
a person or an institution to be the trustee. If the grantor serves as the
trustee, a successor trustee will be required to distribute the assets at the
grantor’s death. Since most of the person’s property is in the trust at the time
of death, much of the expense associated with probate may be saved.
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Estate Planning Summary
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