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Daily Archives: June 24, 2020

COVID-19 Highlights The Need for Revocable/Living Trusts

Revocable Trusts, also known as Living Trusts, are being used with greater frequency in estate planning because they offer families immediate access to money and assets without having to wait for a loved one’s Will to be admitted to probate. In a typical Revocable Trust, the creator of the trust (i.e., the grantor) is also the primary beneficiary and trustee during his or her lifetime.  This allows the grantor unfettered access and control over the assets that were transferred into the trust during the grantor’s lifetime. Upon the grantor’s death, a named successor trustee takes over automatically, and distributes the assets as specified by the grantor in the trust document. Immediate Access to Assets Probate (i.e., the determination by a court as to the validity of a Will, and the appointment of an executor or other fiduciary) can be a lengthy process which delays an executor from gaining access to

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