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Irrevocable living trusts permanently relinquishes the right to make changes after the trust is created. Revocable living trusts can change or revoke the terms of the trust anytime during the grantor's life. However, upon the grantor's death, the trust becomes irrevocable. Differences Between Living Trusts and Wills You should weigh the pros and cons of a living trust and a will before creating them. There are several distinct factors and requirements for living trusts and wills. Becoming Effective During Your Lifetime Unlike a will, which comes into play only after you die, a living trust can be changed during your lifetime. After creating a living trust, you can transfer or omit certain assets as you wish. You can also use a pour-over will at the time you establish your trust to have any assets transfer into the trust upon your death. Subject to Probate Proceedings Probate is a court-supervised process that deals with your assets and debts left behind after you die. Any assets passing through the will require probate.
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