Revocable living trusts are widely utilized in the field of estate planning. These trusts are versatile, and you can benefit from a revocable living trust even if you do not consider yourself to be extraordinarily wealthy.
The person or entity who administers a living trust is called the trustee. One of the nice things about a revocable living trust is the ongoing control that you can retain as the creator of the trust. You can actually act as the trustee while you are alive and well. As a result, you are the person who administers the living trust.
The beneficiary of the trust is the person who can receive monetary distributions from the trust. If you create a revocable living trust, you can also act as the beneficiary of the trust at first.
You are creating the trust as an estate planning tool, so you have to account for the things that will take place after you pass away. In the trust declaration, you name a successor trustee to take over the role after you are gone. This trustee could also be empowered to administer the trust in the event of your incapacitation. The ability to account for incapacitation is one of the advantages that you gain when you create a revocable living trust.
Any adult who is willing to assume the role can legally act as the trustee. However, you may not know anyone who is qualified to act as the trustee, and you could have other concerns, even if you do know someone who has the qualifications. If you utilize someone close to you there could be conflicts of interest, and longevity could be another concern. The most important qualities of your trustee are honesty, diligence and a respect of your intentions. Your trustee can utilize other tax and legal profssionals to handle complicated aspects of your estate.
As a response to these concerns, you could utilize a corporate trustee such as a bank or a trust company. If you use a corporate trustee, you can be certain that the assets are managed in accordance with industry standards, and there would be no emotional involvement. The instructions that you leave behind in the trust agreement with regard to asset distributions would be followed to the letter.
Free Report on Revocable Living Trusts
You should certainly understand your options when you are planning your estate, and a revocable living trust can be a good choice for a wide range of people. If you would like to learn more about them, download our special report. This report will provide you with comprehensive information about living trusts, and it is being offered free of charge right now.
To get your copy of the special report, visit this page and follow the simple instructions: Revocable Living Trust Report.
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Attorney Caprice L. Collins is a top rated Harvard Law School graduate. She has 34 years of legal experience with a successful law practice devoted exclusively to Estate/Business Planning and Trust Administration. Attorney Collins is a well-respected keynote speaker on Wills, Living Trusts, Estate Planning, Business Planning and Trust Administration. She has appeared on California’s Real Estate Radio Station KTLK AM 1150 as a legal expert on Estate Planning and Living Trusts among many other notable media appearances.