If you are planning your estate, you may be considering creating a revocable living trust. This type of trust offers many benefits. We commonly receive questions regarding the use of a revocable living trust. We’ve taken the time to outline answers to some of the most common questions. If you have any additional questions or if you’d like to create a revocable living trust, meet with a qualified estate planning attorney.
What is a revocable living trust?
A revocable living trust is a legal agreement that holds the title to your assets. You place assets in your trust by titling them in the name of the trust. Your trust’s instructions are used to determine how your assets will be distributed after your death. You’re able to have control over your trust during your lifetime and can plan for the management of your trust’s assets during any period of disability and after your death.
Do I lose control of my trust’s assets during my lifetime?
No! As the trustee of the trust, you’re in full control of your trust and its assets. You’re able to make changes as you see fit and are able to do as you wish, meaning that you can control your own investments and take assets out or put assets into your trust any that time you are alive and well.
Who will manage my revocable living trust after my death?
You will appoint a successor trustee who will be responsible for managing your affairs after your death. This includes managing and distributing assets based on the trust’s instructions and handling all financial and tax requirements. You should choose someone who is responsible, trustworthy, and able to handle all of the duties associated with the job. Your trustee should also be willing and able to communicate with your trust’s beneficiaries and professional advisors on a regular basis.
Take a look at our next blog post (part 2 of 2) for more information on the use of a revocable living trust. If you are ready to create a revocable living trust, consult with a qualified estate planning attorney.