Which of the following is a characteristic of a revocable living trust?

A revocable living trust's key characteristic is that it allows the grantor to maintain control over the assets during their lifetime while also enabling those assets to bypass the probate process upon the grantor's death. This means that the assets held within the trust can be distributed to beneficiaries without going through the lengthy and often public probate process, thus simplifying the transfer of wealth and preserving privacy for the grantor's estate.

The flexibility of a revocable living trust allows the grantor to modify, revoke, or dissolve the trust at any point while they are alive, ensuring they have ongoing control over the assets and their distribution. This adaptability distinguishes it from irrevocable trusts, which cannot be altered once established. Therefore, the ability to avoid probate efficiently at the time of death highlights the significant advantage of using a revocable living trust in estate planning.