Two years ago, Ellen created a revocable trust-life estate to her children, remainder to her grandchildren. When Ellen dies in the current year, none of the trust is included in her probate estate.

Question

Quizplus · Accepted Answer

A revocable trust means that the trust assets are not considered part of the probate estate upon the grantor's death. The trust automatically becomes irrevocable and the assets pass to the named beneficiaries according to the terms of the trust. In this case, Ellen's revocable trust passed to her children as a life estate and then to her grandchildren as a remainder interest, all without going through probate.

Two Years Ago, Ellen Created a Revocable Trust-Life Estate to Her