What Is A “Revocable Living Trust”?
A revocable living trust, sometimes referred to as a “living trust”, is a document set up, normally by an attorney. Persons that set up the trust, transfer their assets into the ownership of this trust, so the trust actually owns those assets. When the person dies, their assets can be transferred easily because they did not personally own those assets. Those assets were owned by the trust, and therefore, there’s no need for a probate.