Question \#7 of 60 A trust created to permit property owners to provide for their own financial care during their lifetimes and which permits subsequent changes is known as A) a land trust. B) a testamentary trust. C) a revocable living trust. D) an irrevocable living trust.

Revocable living trusts have been a popular estate planning tool since the mid-20th century, gaining traction especially among those looking to avoid probate. These trusts allow individuals to maintain control over their assets while also providing flexibility to adjust their arrangements as life changes—kind of like wearing a stylish but adjustable belt! In the real world, using a revocable living trust can simplify the process of managing your estate, making it easier for your heirs to access your assets without the burden of lengthy probate proceedings. Many people find this particularly appealing as it can save time and money, ensuring that their loved ones receive their inheritances promptly. Plus, it keeps your affairs relatively private compared to a fully public probate process!