According to Plan-My-Estate’com – With a revocable trust, to transfer the title of one of their property (a house) you as an individual to you as trustee of the trust’ Then, as trustee of the Fund, managing assets of the trust for the beneficiary, you are’ This way you maintain total control of the asset’ Once you switch to a successor trustee takes over management of the assset for the benefit of the beneficiaries in the name of your trust’ Because their assets do not pass through the active adoption of more titles to his name individually, but are now in the name of the trust’ Upon his death, the successor trustee of your assets will be transferred directly to your beneficiaries without the intervention of a judge or attorneys fees or costs’
With a revocable trust Maintain complete control over their property and ensure that your assets are transferred to your designated beneficiaries without delay or unnecessary expenses’
Why use a revocable trust as part of its planning strategy?
1′ The assets funded in the trust to avoid probate’ This can save your beneficiaries time and money if there is no approval, no public record of the distribution of assets’ However, note that only the assets listed in the agreement are covered by the trust’ If you win the lottery today, tomorrow and die, without modification of the trust, the winner of the product will not be covered in May and have to run through the package’
2′ You decide when and how and where the main source of income will be sent to which recipients and under what ailerons or capital income can be distributed, ie: you can use the money for educational purposes’ If not used for educational purposes at a certain date, then it goes to another beneficiary’ However, the income of the trust is to go to her husband, and when she re-marry or die or whatever you want to add the rule that assets must be distributed to their children or their children to receive the income trust until they reach a certain age and assets shall be distributed as provided in confidence’
3′ The trust assets are generally protected from creditors as the beneficiary of the trust does not own the assets of the beneficiary’ Note: The trust assets are generally not protected from its creditors’ Because a revocable trust of your creditors can generally after the assets’
You should consult an attorney who specializes in the planning’
Even if a living trust can offer many benefits, in addition to the above, also has several drawbacks’ The advantages and disadvantages may depend on both your financial and personal situation’ A good lawyer is your personal and financial situation and provide advice on planning and protecting their wealth and assets’
David G’ Hallström, Sr’ is a lawyer and the above information is not given as legal advice’ Is given in lieu of information and opinion gathered and developed through experience over the past thirty years as a private investigator who deals almost exclusively with lawyers’ The author also interviewed several lawyers planning before writing this article’ Although the author believes that the information is accurate, no guarantee is made or implied’ As in all legal matters, legal advice should be sought when planning or trying to protect their assets’