Living Trust Attorney

Living or Revocable Trust

Typically, a revocable trust gives the settlors (the persons setting up the trust) the use of the property for their lives and designates another to receive the property at the end of that period. The settlors have the ability to change the trust provisions during their life. Further, in most instances, the settlors retain full control over the assets by serving as the initial trustee. A successor trustee is named who can assume responsibility if the initial trustee resigns, dies, or becomes incapacitated. A revocable trust allows for more flexibility than a will because it provides for management of your assets if you became incapacitated. After your death the successor trustee would pay your debts and taxes. The trust may then pay out to your beneficiaries or continue to be held in trust for one or more beneficiaries. This may be important for a variety of reasons, such as a settlor’s desire to stagger distribution of assets to beneficiaries over a period of year’s, or to designate one beneficiary to receive only income and another to receive the remainder. It may also be used where the beneficiaries include minor children or an adult with special needs. The trustee’s ability to continue managing the property in those circumstances may eliminate the need to establish a conservatorship if the trust is a joint trust, when one spouse dies their portion of the trust becomes irrevocable, but the survivor continues to have the power to revoke or amend their portion.