Did you know?

It's called a revocable living trust because you can change it at any time. There's no penalty and very little cost to modify your trust. If your choice of trustees or beneficiaries should change at some point in the future there's not problem - a simple revision to the trust is all that's required.

revocable living trusts

How a trust works:

    The Structure of a Trust      
               
Settlors
The Trust
Trustees
 
(transfers assets to trust)         (administers trust assets)  
   
Beneficiaries
     
    (benefits from the assets of the trust)      


Every Revocable Living Trust will have the following parties serving in the capacities listed below:

THE SETTLOR:

The person who creates the Trust, defines the terms of the Trust, determines the beneficiaries of the Trust, and, once the Trust is in place, transfers his or her assets to a Trust. This is you, the client.

THE TRUSTEE:

The person who manages and controls the assets of the Trust per the terms established by the Trustor/Settlor. During your lifetime, you will normally serve as the Trustee of the Trust until your death or incapacity.

THE BENEFICIARY:

The person who receives the benefits from the assets in the Trust is the beneficiary. During your lifetime, you are the beneficiary of the Trust. After your death, your designated heirs are the beneficiaries of the Trust and will receive the assets of the Trust upon the terms set forth in the Trust.

THE SUCCESSOR TRUSTEE:

The person or persons you select who, upon your demise, administer the Trust and distribute the assets of the Trust to your designated heirs in accordance with the instructions you have previously set forth in the Trust. The Successor Trustee will also administer the Trust for your benefit during any period that you are incapacitated.

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