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Revocable living trusts are becoming increasingly popular as a tool for estate planning. A revocable living trust allows you to transfer your assets into a trust during your lifetime and specify how those assets should be distributed after your death. If you are considering setting up a revocable living trust, you likely have some questions. Here are the answers to the top questions about revocable living trust in Maine.

1. How is a Revocable Living Trust Different from a Will?

A will is a legal document that specifies how your assets should be distributed after your death. A revocable living trust also specifies how your assets should be distributed after your death, but it allows you to transfer your assets into the trust during your lifetime. A revocable living trust can help you avoid probate, provide asset protection for your beneficiaries, and give you more control over how your assets are distributed.

2. Who Should Set Up a Revocable Living Trust?

A free revocable living trust online can be beneficial for anyone who wants to avoid probate, provide asset protection for their beneficiaries, and have more control over how their assets are distributed after their death. It may be particularly beneficial for individuals with significant assets or complex estate planning needs.

3. Can You Make Changes to a Revocable Living Trust?

Yes, one of the benefits of a revocable living trust is that it is revocable and amendable during your lifetime. You can make changes to the trust at any time as long as you are still mentally competent. It allows you to transfer your assets into a trust during your lifetime and specify how those assets should be distributed after your death. This type of trust can help you avoid probate, provide asset protection for your beneficiaries, and give you control over how your assets are distributed after you pass away.

Conclusion

Free legal documents like revocable living trust are flexible and private, which allows you to manage your assets in a way that aligns with your wishes. It is essential to work with an experienced estate planning attorney to create a revocable living trust that meets your specific needs and goals.

Author Bio

Carl writes often about legal drafting and help.

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