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Revocable Living Trusts Explained: How They Work

Revocable Living Trusts Explained: How They Work

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A trust is a legal entity, separate from you, that can own assets and distribute them according to rules you set. In this episode, Ryan focuses on the most common type in retirement planning: the revocable living trust. He explains how it works, why you keep full control of the assets while you are alive, and what revocable means in practice.

The most important detail Ryan covers is funding the trust: working with an attorney to create the document is only step one. Assets must actually be retitled into the trust's name to be protected by it. He also covers pour-over wills, which catch any assets not moved into the trust before you pass. Estate planning involves state-specific law; consult an estate planning attorney before setting up any trust.

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