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What Is a Revocable trust? Definition, Uses and Importance.

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A legal document that may be changed or cancelled that allows you to maintain control of your assets. It is used to avoid probate and for estate planning purposes.

Unlike a will, the assets in a revocable trust are transferred while the donor is still alive, even if the beneficiary does not get any of their benefits until after the donor’s death. A fiduciary is appointed to manage the trust’s assets on behalf of a designated beneficiary. Because of this, a revocable trust can be terminated at any time by the donor.

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