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- Estate Planning: What Is a Revocable Trust? - ElderLawAnswers
Revocable trusts are an effective way to avoid probate and provide for asset management should you ever lose capacity In addition, revocable trusts – sometimes called “living” trusts – are incredibly flexible They can achieve many other goals, including tax, long-term care, and asset-protection planning What Is a Trust and When Should My Estate Plan Include One? A trust is a legal
- Can Creator of a Revocable Trust Make Changes? - ElderLawAnswers
The creator of a revocable trust, often called the "grantor," "donor," or "trustor," can make whatever changes she wants She does not have to tell the beneficiaries that she is changing trustees, but she does need to inform the current trustee
- Living Trust vs. Irrevocable Trust: Whats the Difference?
Revocable Trust vs Irrevocable Trust: Differences in Structure Once you establish an irrevocable trust, you cannot cancel or revoke it The person creating the trust, sometimes called the “grantor,” transfers assets into the trust and permanently gives up all claims to them A trustee then carries out the instructions spelled out in the trust
- Understanding the Common Types of Trusts - ElderLawAnswers
Revocable trusts are generally used for the following purposes: Managing and protecting assets: Revocable trusts permit the named trustee to administer and invest the trust property for the benefit of one or more beneficiaries Avoiding probate: At the death of the trust grantor, the trust property passes to whoever is named in the trust
- Caution: Use of Revocable Trust May Void Homestead Protection
However, placing the home in a revocable trust may void this homestead protection The use of revocable trusts, which often are employed as a way to avoid probate, has been on the rise But two bankruptcy courts have reached different conclusions on the question of whether a home in such a trust is entitled to the homestead exemption
- How to Use a Trust in Medicaid Planning - ElderLawAnswers
A revocable trust is one that may be changed or rescinded by the person who created it Medicaid considers the principal of such trusts (that is, the funds that make up the trust) to be assets that are countable in determining Medicaid eligibility Therefore, revocable trusts are of no use in Medicaid planning
- Is It Legal for Me to See Documents From a Revocable Trust?
Probably, yes Typically, beneficiaries to revocable trusts have no rights But revocable trusts become irrevocable upon the death of the grantor, at which point beneficiaries do have rights because their status becomes permanent The problem is there’s a bit of a chicken-and-egg situation Your rights depend on the terms of the trust, but you can’t know your rights without seeing the
- You May Need a Revocable Trust With Your Power of Attorney
To determine whether a revocable trust is right for your situation, work with a qualified attorney Search for an estate planning attorney near you today For further reading on these types of legal documents, be sure to check out the following informative articles: Understanding the Common Types of Trusts What Is a Power of Attorney?
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