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Irrevocable Living Trust
A legal arrangement where a grantor places assets into a trust, relinquishing control over them, and the assets are managed by a trustee for the benefit of the trust's beneficiaries. Once established, it cannot be amended or dissolved.
Probate
The legal process by which a will is reviewed to determine whether it is valid and authentic.
Trustee
A person or entity given responsibility to manage property or assets on behalf of others, typically within a trust.
Estate
The collective assets, rights, and interests that a person owns at death, encompassing both real property and personal property.
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