Property Ownership
In New York, when property is held in a 'revocable living trust,' the grantor:
ALoses control of the property
BRetains control of the property during their lifetime and avoids probate at death✓ Correct
CReceives a tax exemption on the property
DMust register the trust with the DOS
Explanation
A revocable living trust allows the grantor to retain control of and benefit from the property during their lifetime while avoiding probate at death. The property passes directly to trust beneficiaries without going through the public probate process.
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