Because you care
about those you
leave behind.
about those you
leave behind.
Revocable Living Trust
The Revocable Trust can serve most of the functions of a Will; it has two advantages over a Will: avoids Probate; and provides a mechanism to manage property for an incapacitated person. If used, the Revocable Trust is the central document to the estate plan; it holds title to assets for life and passes property to descendants without the need for probate.
The Revocable Trust is a contract relating to three parties: the Creator; the Trustee; and the Beneficiary. The Creator is the one who creates the trust and the one in control with the power to amend or revoke the Revocable Trust at all times. C stands for control; the Creator is always in control. In fact the Creator is in more control with a Revocable Trust than without one since the Creator’s directions will be followed even if the Creator becomes incapacitated.
The Trustee is the manager of the Revocable Trust; generally the Creator will serve as the Trustee and continue to manage property as long as willing and able; in the event the initial Trustee becomes unwilling or unable to serve as the Trustee, a successor Trustee named by the Creator will serve.
The Revocable Trust may have a Protector Committee with the power to change the Trustee. The Protector Committee also may meet with the Trustee on an annual basis to review the activities of the Trustee. This provides a check and balance against an un-performing Trustee.
Once the Revocable Trust has been signed, title to assets may be transferred into the Revocable Trust. The preferred method of title is: John O. Smith as Trustee of John O. Smith Revocable Trust, dated February 29, 2005. Certain assets, such as Individual Retirement Accounts, should not be put into a Revocable Trust.
Deeds may be prepared transferring title into the Revocable Trust: remember that the Creator controls the Revocable Trust and at any time the Creator can take property out of the Revocable Trust.
The Revocable Trust is a contract relating to three parties: the Creator; the Trustee; and the Beneficiary. The Creator is the one who creates the trust and the one in control with the power to amend or revoke the Revocable Trust at all times. C stands for control; the Creator is always in control. In fact the Creator is in more control with a Revocable Trust than without one since the Creator’s directions will be followed even if the Creator becomes incapacitated.
The Trustee is the manager of the Revocable Trust; generally the Creator will serve as the Trustee and continue to manage property as long as willing and able; in the event the initial Trustee becomes unwilling or unable to serve as the Trustee, a successor Trustee named by the Creator will serve.
The Revocable Trust may have a Protector Committee with the power to change the Trustee. The Protector Committee also may meet with the Trustee on an annual basis to review the activities of the Trustee. This provides a check and balance against an un-performing Trustee.
Once the Revocable Trust has been signed, title to assets may be transferred into the Revocable Trust. The preferred method of title is: John O. Smith as Trustee of John O. Smith Revocable Trust, dated February 29, 2005. Certain assets, such as Individual Retirement Accounts, should not be put into a Revocable Trust.
Deeds may be prepared transferring title into the Revocable Trust: remember that the Creator controls the Revocable Trust and at any time the Creator can take property out of the Revocable Trust.
