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May 4, 2011

Revocable living trusts

I have been a proponent of revocable living trusts since law school.  Over the years I have seen how complexities associated with disability and death are reduced.  This type of trust is created by a person and is effective at the time it is created.  This differs from a will that is not effective until after the person dies.  The person who creates the trust (grantor) can terminate or modify it at any time for any reason, provided the grantor is legally competent.  It cannot be modified or changed upon the death or legal incapacity of the grantor. The trust provides a vehicle that continues after the disability or death of the grantor.  Provisions for guardians and custodians are especially beneficial.     

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