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In this tutorial, Darcel Lobo, a law firm owner, explains the significance of a revocable living trust in estate planning. A revocable living trust allows for the distribution of assets without the need for probate, which is a key advantage over wills. To function effectively, the trust must own the assets specified in it. Lobo emphasizes that during the creation of an estate plan, the law firm will assist in funding the trust based on the client's current assets. He introduces the process of funding the trust, particularly focusing on how to transfer ownership of real estate held in the client's name into the trust.
