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Simple English definitions for legal terms

Revocable Trust

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A quick definition of Revocable Trust:

A revocable trust is a legal arrangement where someone (called the donor) transfers their belongings to someone else (called the trustee) to take care of them for someone else (called the beneficiary). The donor can change their mind and take back their belongings at any time. The beneficiary only gets the belongings after the donor dies. It's like a secret treasure chest that someone else takes care of until you're old enough to open it.

A more thorough explanation:

A revocable trust is a legal arrangement where the person creating the trust (the donor) transfers their assets to a trustee who manages the assets for the benefit of a beneficiary. The donor can change or cancel the trust at any time during their lifetime.

John creates a revocable trust and transfers his house, car, and savings account to the trust. He names his daughter, Sarah, as the beneficiary. John can still live in the house, drive the car, and use the money in the savings account. However, when John passes away, the assets in the trust will be transferred to Sarah.

Another example is if a person creates a revocable trust and names themselves as the trustee and beneficiary. They can manage their assets as they wish during their lifetime, but when they pass away, the assets will be transferred to their chosen beneficiaries.

These examples illustrate how a revocable trust allows the donor to maintain control over their assets during their lifetime while also ensuring that their beneficiaries receive the assets after their death.

Revocable living trust | Revocation

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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