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A revocable living trust, sometimes simply called a living trust, is a legal entity created to hold ownership of an individuals or couple’s assets. The person who forms the trust is called the grantor or trust maker. In most cases this person also serves as the Trustee, who controls and manages the assets that they put in the trust.
If set up correctly, a revocable living trust can take care of just about everything for you, both while you are alive and after your death. A revocable living trust avoids probate, one of its many benefits.
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