You may take pause before creating a trust because you are - TopicsExpress

You may take pause before creating a trust because you are concerned about losing control of the assets that you convey into it. It is important to understand that there are different types of trusts. There are revocable trusts, and there are irrevocable trusts. When you create an irrevocable trust, generally speaking you are surrendering personal control of the assets. These trusts are used by those who want to gain tax or asset protection. Because you do relinquish incidents of ownership, assets that have been conveyed into this type of trust would not be looked upon as part of your taxable estate. Revocable Living Trusts Things are different with a revocable living trust. When you create a revocable living trust, you are referred to as the grantor. As the grantor of the trust, you may act as the trustee and the beneficiary while you are living. You name successors to assume these roles after you die. Since you can act as both the trustee and the beneficiary, you retain complete co

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