Revocable Living Trust Planning

There are many types of trusts.

Revocable living trust planning.

Much has been written regarding the use of living trusts also known as a revocable trust inter vivos trust or loving trust as a solution for a wide variety of problems associated with estate planning that wills cannot address. A revocable living trust sometimes simply called a living trust is a legal entity created to hold ownership of an individual s assets. Revocable trusts commonly called living trusts are an effective estate planning tool for avoiding the costs and hassles of probate preserving privacy and preparing your estate for ease of. The person who forms the trust is called the grantor or the trustmaker and they also serve as the trustee of this type of trust in most cases controlling and managing the assets they ve placed there.

A revocable living trust can be a useful estate planning tool so take the time to investigate whether it pays to set one up. A revocable living trust is a popular estate planning tool that you can use to determine who will get your property when you die. Of course the trust should provide for successor trustees at the death of the. The trust can be amended or revoked as the grantor desires and is included in.

A living trust is a legal document that just like a will contains your instructions for what you want to happen to your assets when you die. A major distinction between them is whether they are revocable or irrevocable. What is a living trust. What is a revocable living trust.

The type of assets you own and what must be done to get them funded into the trust should be carefully considered before you decide to use this estate planning tool. This is the major drawback to using a revocable living trust for many people but it s not worth the time money and effort to create one if the trust isn t fully funded. Revocable living trusts are living because you make them during your lifetime. Most living trusts are revocable because you can change them as your circumstances or wishes change.

But unlike a will a living trust can avoid probate at death control all of your assets and prevent the court from controlling your assets if you become incapacitated. Motley fool returns stock advisor s p 500. It is flexible and can be dissolved at any time should your.