Similar in some ways to a corporation, a revocable living trust is an “entity” created for the purpose of managing or distributing a person’s property. Under your direction, assets are transferred or renamed from you as the “titled” owner, to you as the “trustee” owner, under the name of your revocable living trust.
Saying that you no longer own your assets can sound like a scary proposition at first. But, in reality, it isn’t, because YOU are the Trustee of your own trust. So you, and you alone, control your trust, including ALL trust’s assets.
In the event of your incapacity or death, the person YOU have chosen will simply step in and manage, or the case of death, distribute, the trust’s assets in accordance with your instructions as set forth in the trust agreement.
Your Successor Trustee can do anything you could have done for yourself, so long as it’s within the scope of your instructions. For example, they can:
At all times, your Successor Trustee is acting as a fiduciary, which means that they have a legal obligation or “duty” to act solely in the best interest of the beneficiaries and not their own.
Now let’s talk about the structure of a trust…
Now that you have a better understanding of what a trust is, let us show you some solid reasoning why a revocable living trust is worth your consideration!Reasons to Create a Trust
Person establishing, funding, and controlling the trust.
Person controlling the trust assets at death or incapacity of original trustee. This is the person YOU designate.
Person designated to receive trust assets at death of grantor. This is the person or persons YOU designate.
Under your direction, assets are transferred or renamed from you as the “titled” owner, to you as the “trustee” owner, under the name of your Revocable Living Trust.
This process is known as “funding”
Legacy Assurance Plan has developed this brochure to provide you with some general guidance to quickly and simply fund your living trust.Free Booklet