Property Ownership
What is a 'revocable living trust' in Delaware estate planning?
AA trust that cannot be changed once established
BA trust established during the grantor's lifetime that can be modified or revoked, and allows property to pass to beneficiaries outside of probate upon death✓ Correct
CA trust that automatically revokes when the grantor dies
DA trust managed by a bank for investment purposes
Explanation
A revocable living trust is created by the grantor during their lifetime, can be modified or revoked at will, and allows property to pass directly to beneficiaries upon the grantor's death without going through probate — providing privacy and efficiency in estate administration.
Related Delaware Property Ownership Questions
- What is 'estovers' in Delaware historical property law?
- A 'profit à prendre' in Delaware real estate law is:
- Adverse possession in Delaware requires the use to be open, notorious, hostile, exclusive, and continuous for a period of:
- What is a 'license' in Delaware real estate law (not a real estate agent's license)?
- Fee simple absolute is best described as:
- What is an easement in gross in Delaware?
- What is the difference between 'real property' taxes and 'personal property' taxes in Delaware?
- Which type of deed provides the buyer with the greatest level of protection through warranties?
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →