IL Bar Practice Questions - Illinois Bar Examination Exam

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A settlor creates a revocable living trust and transfers assets into it during life. What is a primary advantage of a properly funded revocable trust at the settlor's death?

It eliminates all estate taxes automatically It prevents creditors from ever reaching the assets during the settlor's life It makes the trust irrevocable during the settlor's life Trust assets avoid probate and pass according to the trust terms

Correct Answer:

Trust assets avoid probate and pass according to the trust terms

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