A revocable living trust is a very popular estate planning and asset protection tool. There are many reasons why you should consider the creation of a revocable living trust in order to protect your financial security and your legacy. There are also limitations as to what exactly a living trust can do. Nirenstein, Horowitz & [ ] The post 4 Reasons to Create a Revocable Living Trust appeared first on Nirenstein, Horowitz & Associates P.C..
A trustee is a person or entity who administers a trust. If you utilize a revocable living trust as your assets transfer vehicle, you can act as the trustee while you are alive and well. You can also serve as the beneficiary, so you could receive monetary distributions from the trust throughout your life. This arrangement is comforting to many people, because you do not surrender control of assets that you convey into a revocable trust. You can also revoke the trust entirely if you ever decide that you want to call the whole thing off and take back direct personal control of the assets that you conveyed into the revocable trust. You would be creating the trust as an estate planning tool, so you have to account for the things that will take place after you pass away. When you establish the trust declaration, you name a successor trustee to handle the business of the trust after you pass away. Successor beneficiaries would also be named in this document. A revocable living trust can pro
Revocable living trusts are very useful for a wide range of people. You do not have to be a millionaire to benefit from the utilization of a living trust as the centerpiece of your estate plan. Many people assume that a last will is the only logical document to use, because they feel as though a will is the simplest and most efficient estate planning device. In fact, the estate administration process can get rather complicated when you utilize a will to state your final wishes with regard to asset transfers. The executor or the personal representative is the person who would handle the estate administration tasks after you die if you use a will. You could nominate an executor when you create the will. Under Connecticut state laws, the executor would be required to admit the will to probate after your passing. During this process, the probate court would supervise the actions of the executor while the estate is being administered. The heirs would have to wait out this process. Inherita
The process of estate planning involves a great deal of decision-making. There are different estate planning devices that can be utilized, and it is important to make the right choices. Many people assume that a will is the ideal estate planning document, but in fact, a trust can be preferable in many instances. You have to understand the fact that there are different types of trusts. Some trusts are revocable, and there are trusts that cannot be revoked or rescinded. The best type of trust for you would depend on your unique set of personal circumstances. If you are not concerned about estate taxes or asset protection, you could use a revocable living trust. With this type of trust, you have the right of revocation, so you can change your mind and dissolve the trust if you ever choose to do so. Plus, you can act as the trustee while you are living, so you would have total control of the trust while it is intact. After you die, a trustee that you name in the trust declaration would be
The revocable living trust is a widely utilized estate planning device. When you hear about the advantages that these trusts can provide, you may come to the conclusion that you may want to use a living trust instead of a last will. You have more flexibility when you use a revocable living trust, because you can stipulate terms when you create the trust agreement. Because of this, you can leave instructions that the trustee must follow, and you have the ability to allow for partial distributions on a long-term basis. While you are living, you continue to control the trust, so you still have access to the resources. You even have the power to revoke the trust if this is your choice. If you were to use a will instead of a trust, the will would be admitted to probate after your passing. This is a legal process that provides oversight, but it can be time-consuming and expensive. When a living trust has been established, the trustee can distribute assets in a timely and efficient manner ou