Property Ownership
A Connecticut property is held in a revocable living trust. Which of the following is TRUE about this ownership?
AThe property must go through probate when the grantor dies
BThe grantor retains control of the property and can revoke or amend the trust during their lifetime; property passes to beneficiaries without probate✓ Correct
CThe property is permanently transferred to the beneficiaries upon creation of the trust
DA revocable trust provides asset protection from the grantor's creditors
Explanation
A revocable living trust allows the grantor to retain control of the property during their lifetime, amend or revoke the trust, and then have the property pass directly to beneficiaries upon death without probate. However, it does not protect assets from the grantor's creditors since the grantor retains control.
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