Revocable Living Trusts: Common Questions, Answers and Options

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Revocable Living Trusts
Common Questions, Answers and Options
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Inter Vivos Trusts
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What is a revocable living trust?
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Also known as inter vivos trusts, a revocable
trust is like a holding company
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Its a legal entity you create by drafting a
document called a trust instrument
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Once created, the living trust can own property
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People
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Who runs the trust?
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The trustor, or settlor, is the person who
decides to create the trust
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The trustor chooses who will benefit from the
trust (the beneficiaries) as well as who manages
it (the trustee)
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Property and Funding
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What does my living trust own?
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Whatever you like
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The trust property can be almost anything, just
as long as you transfer it properly
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The transfer process is known as funding
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Protection
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Will my trust protect the assets I transfer to it?
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USUALLY NOT
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Though your trust affords significant benefits,
it wont shield your assets from creditors,
lawsuits, or taxation
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If asset protection is important to you, other
types of trusts are better options
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Probate
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Why would I want a living trust if it doesnt
provide asset protection?
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Living trusts are great for avoiding probate,
keeping your affairs private, and for protecting
your affairs against the possibility of incapacity
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Creating a Living Trust
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How do I make a living trust?
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The process of creating a living trust isnt
difficult, but the devil is in the details
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You need a living trust that fits into your
overall estate plan, not simply a trust you
create on its own
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Financial Planning, Estate Planning, and Asset
Protection
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What do I need to do to protect my assets?
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That depends on your circumstances, your
short-term goals, your long-term goals, and
numerous other factors
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Asset protection plans are something you need to
prepare carefully after evaluating all your
options
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