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A type of living trust, and an effective device to transfer assets directly to beneficiaries outside the probate estate, avoiding probate costs in estate settlement. Often considered a better vehicle than wills for ensuring individuals receive specific property. No income, estate, or gift tax savings exist under a revocable trust, and the transfer into the trust does not constitute a completed gift. Therefore, no gift tax is assessed, the trust property will be included in the taxable estate, and trust income is taxable to the grantor. Administration and management charges must also be paid, offsetting the savings generated from the formation of the trust.