REV is short for LAW REVIEW, a publication that features articles by legal scholars and professionals. It serves as a platform for them to disseminate their research and viewpoints on legal matters. Other legal abbreviations include LRIC (LONG-RUN INCREMENTAL COST) and L.S. (LOCUS SIGILLI). LSAT is an abbreviation for LAW SCHOOL ADMISSIONS TEST, a standardized exam taken by students applying to law school. Lastly, LTD is an abbreviation for Limited, commonly used in company names to denote limited liability.
Abbreviations are used to refer to specific terms or concepts. For example, “REV.” is an abbreviation for “Law Review,” which is a scholarly journal that publishes articles written by legal professionals and scholars. The Harvard Law Review is an example of a prestigious law review in the United States. Similarly, “LRIC” is an abbreviation for “Long-Run Incremental Cost,” which represents the cost of producing an additional unit of a good or service in the long run. Companies may use LRIC to determine the cost of expanding their production capacity. Another abbreviation, “L. S.,” stands for “Locus Sigilli,” which indicates the place where a seal is affixed to a legal document. The L. S. on a legal document is important for verifying its authenticity. Additionally, “LSAT” is an abbreviation for “Law School Admission Test,” which is a standardized test used by law schools to evaluate applicants. Students who want to attend law school must take the LSAT as part of the application process. Lastly, “LTD.” is an abbreviation used in company names to indicate limited liability. When a company is named “ABC Company, Ltd.,” it means that the owners are not personally responsible for the company’s debts and obligations beyond their investment. This abbreviation provides important information to investors and creditors about the company’s legal structure and financial risk.
A revocable trust, also known as a living trust, is a legal arrangement where an individual (the grantor) transfers their assets into a trust, which is managed by a trustee. The grantor retains the right to modify or revoke the trust during their lifetime.
Unlike a revocable trust, an irrevocable trust cannot be modified or revoked once it is established. The assets transferred to an irrevocable trust are no longer considered the property of the grantor.
Creating a revocable trust allows for the smooth transfer of assets upon the grantor’s death, avoiding probate. It also provides privacy, as the trust document does not become public record like a will. Additionally, a revocable trust can help manage assets in case of incapacity.
While it is possible to contest a revocable trust, it is generally more difficult compared to contesting a will. The grantor’s ability to modify or revoke the trust during their lifetime makes it less susceptible to challenges.
No, a revocable trust does not provide asset protection from creditors. Since the grantor retains control over the assets, they are still considered part of the grantor’s estate and can be reached by creditors.
A revocable trust does not provide estate tax savings. However, it can be used in conjunction with other estate planning strategies to minimize estate taxes, such as creating an irrevocable trust or utilizing tax exemptions.
Yes, a revocable trust can manage property located in different states. However, it is advisable to consult with an attorney in each state to ensure compliance with local laws.
Yes, a revocable trust can be used to provide for minor children. The trust can specify how the assets should be managed and distributed for the benefit of the children until they reach a certain age or milestone.
No, a revocable trust becomes irrevocable upon the grantor’s death. The terms of the trust, including asset distribution, cannot be modified after this point.
While a revocable trust can serve as the primary estate planning document, it is still advisable to have a will as a backup. A will can address any assets that were not transferred to the trust and can also name guardians for minor children.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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