revocable trust

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A revocable trust is a will substitute, meaning that title of assets in the trust is transferred during the lifetime of the donor even though the benefits of the assets are not enjoyed by the beneficiary until after the death of the donor. Like all trusts, assets are passed on to a fiduciary that controls the assets for the benefit of a beneficiary. As the name suggests, a revocable trust can be revoked by the donor at anytime during the donor’s lifetime.