In estate planning, a revocable living trust is often used as a will substitute to avoid the need for probate. Once the trust is created, trustors, the individuals setting up the trust, transfer their titled assets to the trustees, the individuals charged with holding and managing trust property. Upon the death of the trustors, the successor trustee follows the directives set forth in the trust and ultimately distributes the trust estate without incurring the cost and hassle of probate.
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