260-An Introduction to Trusts in the Context of Estate Planning
Radical Personal Finance
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What Is a Revocable Living Trust?
When you die, if you've transferred all your assets into a trust, when you die you don't actually own anything. Once that property has been transferred into a revocable living trust, that property does not go through the probate cess in the courts. Rather, what happens is, in a trust document, you establish the trustee, and you establish somebody whos a successor trustee. And that successor trans trustee just simply takes over. That could be as simple as my wife. It could be a family member, it could be a professional trustee. Could be really anybody that is qualified. You get the point.
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