A Flexible Living Agreement is an agreement that an individual establishes throughout their lifetime to which they transfer their assets. It is flexible because the creator of the agreement has the ability to revoke it at any point during their lifetime and retain ownership of all transferred assets. Upon the individual’s demise, the assets within the agreement will be distributed based on the agreement’s stipulations. If all of the individual’s assets are transferred to a Flexible Living Agreement during their lifetime, there should be no necessity to undergo the probate process upon their death.
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