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What is a revocable living trust? |
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A living trust does not, however, remove all need for a will. Generally, you would still need a will—known as a pour over will—to cover any assets that have not been transferred to the trust. |
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| Author: Nitesh Patel |
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Most people name themselves as the trustee in charge of managing their living trust’s assets. By naming yourself as trustee, you can remain in control of the assets during your lifetime. In addition, you can revoke or change any terms of the trust at any time as long as you are still competent. (The terms of the trust become irrevocable when you die.)
In your trust agreement, you will also name a successor trustee (a person or institution) who will take over as the trustee and manage the trust’s assets if you should ever become unable to do so. Your successor trustee would also take over the management and distribution of your assets when you die.
You should consult with a qualified estate planning lawyer to assist you in the preparation of a living trust, your will and other estate planning documents. Also, keep in mind that your choice of trustees is extremely important. That trustee’s management of your living trust assets will not be automatically subject to direct court supervision.
About Author
Nitesh Patel has prove himself capable of staffing the largest and most complex cases for clients of all sizes, and maintaining day-to-day consultation on more routine matters. The Shatford brothers are exceedingly active as attorneys for helping clients with retirement planning and business transactions in the Temple City area and played an important role in helping families preserve their wealth through the proper planning.
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