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Revoking a Trust

A revocable living trust establishes a relationship between:

  • The creator of the trust
  • The trustee who manages the property within the trust and distributes proceeds to beneficiaries
  • The beneficiaries who receive the property in the trust when the term of the trust expires

 

A revocable living trust allows assets within the trust as well as income generated by those assets to be managed and distributed by the trustee. The trust income and property are then distributed in accordance with the terms and conditions of the trust. This type of trust is referred to as a living trust because it is established during the lifetime of the creator. With a revocable trust, the grantor may revoke the trust at any point by moving the assets into his or her name without the consent of any other party. Continue reading “Revoking a Trust”

Pour Over Wills

As many individuals begin to plan for their future and the future of their estate, they are shocked by how many options there are. Many people are familiar with the term “will” and its significance, but too often individuals are also unfamiliar with any other estate planning instruments.

If you have started the process of looking into protecting your assets, an estate planning attorney may have recommended that you create a revocable living trust as the key document in your estate plan, rather than a will. A revocable living trust, if done correctly, will allow your estate to bypass the probate process, as well as keep your information private. Wills become a part of the public record after your death, whereas trusts do not. Continue reading “Pour Over Wills”