A Revocable Living Trust can be extremely effective at allowing a smooth transition of asset management between spouses and other chosen people during your lifetime. It can also allow you to create “rules” for how that money is to be used after you pass. One of the characteristics of a Revocable Living Trust is that you can change it to reflect your wishes or revoke it altogether. While you can amend a trust, it is usually more advisable to “restate” a trust instead of changing bits and pieces of it over the years. This can avoid misunderstandings or conflicting provisions between the various changes which will reduce confusion and the risk of litigation.
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