People sometimes do not consider the possibility of creating a living trust because they harbor certain misconceptions. One of these misconceptions is the notion that you surrender all control of property that you convey into a revocable living trust. This is simply not the case. When you create a revocable living trust, you are not surrendering control of the assets while you are living. A trust consists of the grantor, which is the person who creates the trust; a trustee who administers the trust; and a beneficiary who receives monetary distributions from the trust. You as the grantor of a revocable living trust may act as both the trustee and the beneficiary while you are still alive and of sound mind. As such, you control the actions of the trust. You can convey assets into the trust, remove assets from the trust, and give yourself monetary distributions if and when you see fit. The control does not stop there. Because the trust is in fact revocable, you can revoke or rescind the
Posted on: Mon, 05 May 2014 17:44:26 +0000
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