| According to - With a Revocable Living Trust, you | | | | when she dies or remarries or what ever |
| transfer the title of any of your assets (such as | | | | condition you wish to add, the assets are to be |
| a house) from yourself as an individual, to | | | | distributed to your children, or your children are to |
| yourself as Trustee of the Trust. Then you, as | | | | recieve the income from the trust untill they |
| the Trustee of the Trust, manage the assets of | | | | reach a certain age and then the assets are to be |
| the Trust for the benefit of the beneficiary, which | | | | distributed as set up in the trust. |
| is you. In this manner, you keep complete control | | | | 3. The trust's assets are normally protected from |
| over the assets. Once you pass on, a Successor | | | | the beneficiary's creditors as the trust owns the |
| Trustee takes over the management of the | | | | assets not the beneficiary. Note: The trust's |
| asssets for the benefit of the beneficiaries that | | | | assets are not normally protected from your |
| you named in your Trust. Your assets do not | | | | creditors. Because a living trust is revocable your |
| have to pass through Probate because the assets | | | | creditors can usually go after the assets. |
| are no longer titled in your name as an individual, | | | | You should consult with an attorney who |
| but are now titled in the name of the trust. Upon | | | | specializes in estate planning. |
| your death, the Successor Trustee simply | | | | While a living trust can offer many advantages in |
| transfers your assets directly to your | | | | addition to the foregoing, it also has various |
| beneficiaries without the need for court or | | | | disadvantages. The advantages and disadvantages |
| attorney's fees or costs. | | | | can depend on both your financial and personal |
| With a Revocable Living Trust you keep complete | | | | situation. A good attorney will go over your both |
| control over your assets and ensure that your | | | | your financial and personal situations and then |
| assets are passed to your designated | | | | provide you with proper advice about planning and |
| beneficiaries without delay or unnecessary costs. | | | | protecting your estate and assets. |
| Why use a revocable living trust as part of your | | | | David G. Hallstrom, Sr. is not an attorney and the |
| estate planning strategy? | | | | foregoing information is not given as legal advice. |
| 1. Assets funded into the trust avoid probate. This | | | | It is instead given as information and opinion |
| can save your beneficiaries time and money and | | | | gathered and developed through experience over |
| if there is no probate, there is probably no public | | | | the last thirty years as a private investigator |
| record of the distribution of assets. Note, | | | | dealing almost exclusivly with attorneys. The |
| however, that only the assets written into the | | | | author also interviewed various estate planning |
| trust agreement are covered by the trust. If you | | | | attorneys prior to writing this article. Although the |
| win the lottery today and die tomorrow without | | | | author believes the information to be accurate no |
| amending the trust, the winning proceeds will not | | | | guarantee is made or implied. As in all legal |
| be covered and may have to be run through | | | | matters the advice of a competent attorney |
| probate. | | | | should be sought when planning or attempting to |
| 2. You decide when and what principal and or | | | | protect your estate. |
| income will be passed to which beneficiaries and | | | | This article may be reprinted, at no charge, |
| for what purposes the income or principal can be | | | | provided that credit is given to the author and |
| distributed, ie: so and so can only use the money | | | | that any links contained herein are retained and |
| for educational purposes. If it's not used for | | | | kept active. |
| educational purposes by a certain date then it | | | | ©Copyright 2005 Resources For Attorneys. |
| goes to another beneficiary. Or, the income from | | | | All Rights Reserved Worldwide. |
| the trust is to go to your current spouse and | | | | |