A trust created during the Grantor’s life which may be revoked by the Grantor. It is sometimes used to avoid probate, sometimes to provide management during the Grantor’s lifetime, sometimes to permit the administration, without additional (“ancillary”) probate proceedings, of assets (e.g. real estate) located in a jurisdiction other than the one in which the Grantor resides, and sometimes for other purposes. Such trusts save absolutely no income, gift or estate taxes, as compared to Wills, and may, or may not, reduce administration expenses and legal and accounting fees.
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