What Happens If I Leave Assets Out of My Living Trust?

If you never considered the possibility of the utilization of a living trust as an estate planning tool, you should take some time to understand the benefits. You do not have to be extraordinarily wealthy to benefit from the creation of this type of trust, and in fact, very wealthy people who are exposed to estate taxes would want to go in a different direction. When you establish a living trust, you are referred to as the grantor of the trust. Throughout your life, you can act as the trustee, so you would be in charge of the actions of the trust, and you can also serve as the beneficiary. You fund the trust with assets that you ultimately want to leave behind to your loved ones. Your heirs would be the successor beneficiaries, and you would also name a successor trustee to administer the trust after your passing (or in the event of your incapacitation). When you create the trust agreement, you can instruct the successor trustee regarding the way that you want the assets distributed a


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