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What are revocable living trusts?

If you are thinking about preparing an estate plan, you may have various options to choose from. Sometimes, people opt to move forward with wills, while others focus on trusts. However, there are different types of trusts and it is pivotal for you to identify which one is most appropriate for you. If you live in North Canton, or anywhere in Ohio, it is crucial to focus on setting up an estate plan that protects your assets. Depending on your circumstances, a revocable living trust may be the best option.

According to the Consumer Financial Protection Bureau, revocable living trusts allow grantors to give trustees the ability to make critical decisions related to the assets in their trusts. This can be helpful if the grantor becomes sick or hurt and are not able to manage their trust. Also, you are able to make changes to your trust while you are alive, which can be very helpful. For example, if your wishes change over the years or if a certain event occurs, you will be able to modify your trust.

Moving forward with an estate plan can be difficult for some people, whether they are not excited about the idea of preparing for their passing or simply feel too stressed out to sit down and look at their options. However, those who have an effective estate plan in place may be able to have greater peace of mind. Please remember, no material presented in this writeup is to be taken as legal advice.

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