A position of trust can be revoked, which means I can revoke it. It also means I can change it. So if I don`t like the way it goes in life, I`m just going to change it. This is one of the beauties of this revocable trust. Other trusts are irrevocable and there are certain estate planning needs for irrevocable trust, but we are not going to talk about that today. Now my confidence can be built while I`m living, and that`s why we call it a living trust. Another type of trust is called will trust, it is a trust that places itself in my will, and again, we will save the will trust for another day. Remember that our moderator told me that what I needed is a revocable living trust. Now, what my host had in mind was that I was going to put all my property in that confidence, call an attorney, but here is something interesting, I can call myself a trustee, at least in my lifetime and ability. So I put my property in trust, I consider myself an agent, I consider myself one of the beneficiaries, so during my life I distribute a large part of this fiduciary property to myself, and after my death, the property will go to my children. Trusts have many advantages, but one of the most important ones could be that, unlike a final will, a trust can prevent the details of its own estate from becoming publicly available. Elizabeth Taylor trusted her succession plan because she wanted to keep the details of her inheritance secret. Revocable trust automatically becomes irrevocable when the trustmaker dies because the trustmaker is no longer available to make changes.
It is important to note that the creation of living trust does not negate the need for a will. This is especially true if you have not properly added all your assets to your trust or if your trust does not have sufficient resources to cover the costs of allocating your assets. Revocable living trust is a powerful tool when you start the succession planning process. It offers flexibility that you cannot get from certain other trusts or wills. This is especially useful for people who are starting to plan their estate and are not yet sure exactly what they are beneficiaries. Revocable rebates require considerable prior work to transfer all your assets into the trust, but this usually pays off in the long run. Without trust, your beneficiaries will have to go through a lengthy and potentially costly estate process. If you think that a revocable living trust is what you need, be prepared.
You need to do most of the work in advance to facilitate the dissemination of your domain on the street. Start by taking stock of your assets. So think about who you will inherit your assets and who you can assign as an agent to. After the document is created, you transfer all the properties you want to transfer to the Trust. So let`s go through this concept of revocable vibrating trust and see if these are accurate representations, and see if you need them. So we fold for a second and look at a trust … What is trust? It`s not difficult, it`s just a way to keep the property and it includes three players. Normally, when I own my own assets, I am the only player, but if I decide to trust my property, then the name I assume is the settlor of the position of trust. Some people will call it a big door, others will call it a trustworthy one, it doesn`t matter.