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Trust Basics
What is a Revocable Living Trust?
Estate planning starts with planning for your own needs first. Then planning for
the needs of others. In this way, you can effectively make a difference. We help
others best when we are on solid personal footing.
A revocable living trust, or simply a trust, is a legal document that states who you want to manage and distribute your property by and to if you're unable to do so. It also states who receives your property when you pass away. Once a trust is completed and signed, your next step is to transfer ownership of your assets into the trust. With a revocable trust, you remain in complete control of your property. When you pass away, property in the trust can be managed and distributed by a successor trustee, that you appoint in advance, without going through the public process of a probate proceeding in court.
What do terms like trustee, grantor and beneficiary mean?
Trusts require naming certain parties that form, administer, protect, and benefit from trusts. Depending on the type of trust, all can be different people or entities, can all be the same, or a mix.
How is a trust formed?
Trusts are formed by ...