Generally, most of the people have confusions about Will & Living Trusts. If you discuss with living trust attorney, you can get a clear picture of all those things correlated with these things. In this article, you will find some of the basic yet crucial details a living trust attorney may provide for a Revocable Living Trust, with the motive of asset protection:
A revocable living trust is an indispensable and valuable estate planning tool. Contrary to conventional opinions, you don’t need to be excessively wealthy to get support from a revocable living trust. These trusts can fulfill several different estate planning goals, but a revocable living trust is not the only solution. You can terminate the trust any time, and it will no longer endure. The property that you carried into the trust will become your direct personal property once again.
The individual who creates the trust is termed as the grantor of the trust. A beneficiary is an individual who receives financial distributions from the trust. And, the trustee is called as the trust administrator. Being a grantor of a revocable living trust, you will be treated as the beneficiary and trustee while you are well or alive. As you manage the operations of the trust while you are well and living, you have the authority of revocation. However, a revocable trust does not render asset protection from litigants seeking redress. Michael C Maddux can help you with Real Estate Litigation in Inland Empire.
Advantages of Revocable Living Trusts
You may be wondering why you would want to make a revocable living trust if it doesn't protect your assets. One advantage that you obtain when you create a revocable living trust is the authority to designate a disability trustee.
Many oldies become unable to manage all of their assets at some point in their lives. If you designate a trustee in your declaration, this person will be authorized to manage your trust in the case of your incapacitation.
Another advantage is to add the ability to add conditions that the trustee will be enforced to obey according to the nature of the asset distributions. You do not need to allow for all of the assets to be shared in lump sums. It will be possible to let the trustee buy the assets, and the profits will be allocated to the recipients over an extended period.
To know more about Revocable Living Trusts, Trust Litigation Will Contest San Bernardino County, contact Michael C. Maddux.