What is a revocable trust?
An example of an AI chatbot conversation about revocable trusts and their benefits.
Can you explain what a revocable trust is?
A revocable trust is a legal document that allows you to place your assets into a trust during your lifetime, which you can modify or revoke.
What are the benefits of having a revocable trust?
Some benefits include avoiding probate, maintaining privacy, and having control over your assets while you're alive.
Can I change the terms of a revocable trust?
Yes, you can change the terms or revoke the trust at any time as long as you are alive and mentally competent.
How does a revocable trust differ from an irrevocable trust?
The main difference is that an irrevocable trust cannot be changed or revoked once established, while a revocable trust can be modified.
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