Most clients name themselves as the initial Trustee and provide for a successor or substitute Trustee if they should die, resign or become incapacitated. In deciding whom to name as your successor Trustee, you should consider the same points mentioned above when naming your Personal Representative (Executor).

A revocable living trust is also commonly referred to as a revocable inter vivos trust, a grantor trust or, simply, a living trust. A living trust may be amended or revoked by the person creating it (commonly known as a "trustor," "grantor," or "settlor") at any time during the trustor's lifetime, as long as the trustor is competent.

A revocable living trust is the cornerstone of any estate plan. There are several advantages to creating this trust, including the possibility of saving thousands, or hundred of thousands, of dollars in probate fees and estate taxes. A revocable living trust avoids the need for probate, along with its high fees and delays. It provides an efficient means of distributing and selling your assets upon your death.

Your Revocable Living Trust instructions can be modified whenever you wish. At any time while you are alive and competent, you may alter, amend, or even revoke your Living Trust.

A revocable trust, also known as a "living trust," is a fiduciary relationship between a "grantor" who is the creator of the trust, and a "trustee" who is the person willing to manage the grantor's property. The primary purpose of creating a revocable living trust is to (1) streamline the probate process or, in some instances, eliminate the probate process; and (2) facilitate the management of assets in the event of incapacity.

RLT is a revocable trust set up during your lifetime. As grantor, you can register or title your property to your RLT. You can chang ethe trust at any time during your lifetime, so you continue to have maximum control and flexibility over your estate plan during your lifetime.

There is much discussion these days over the use of revocable trusts (also called living trusts) in estate planning. Lawyers, accountants and financial advisors seem to have differing opinions about... MORE

While you are alive, you act as trustee. For married couples, either one or both spouses may act as trustee or co trustees. The successor trustee is an individual whom you designate to be in charge of your trust in the event of disability or upon death.

YES. In fact, people who create most Living Trusts act as their own trustees. If you are married, you and your spouse can act as co-trustees. And you will have absolute and complete control over all of the assets in your trust. In the event of a mentally disabling condition, your hand-picked successor trustee assumes control over your affairs, not the court's appointee.

The centerpiece of your Estate Plan is the Living Revocable Trust. A Trust is a contract between the Grantor (the person who creates the Trust who, incidentally, is you) and the Trustee (the person who will manage the Trust assets, who is also you!). In the Trust contract the Grantor (you) gives all of his or her assets to the Trustee (also you). Obviously, you never really give yourself anything. The concept of giving yourself stuff you already own is called a "legal fiction.

No. General rule of law holds that whatever you can access, others may access as well. Assets in a revocable living trust are open and available to you; therefore, they are also open and available to Medicaid. What would make your assets safe is an irrevocable living trust, such as the MPS™ Trademarked Medicaid Trusts we offer. These allow you to retain access to and control of your assets, while protecting them at the same time.

No. The drafting of your Revocable Living Trust should only be done by an attorney trained in the area of Tax and Trust Law. It is important that you seek out a law firm which limits its practice to the creation of Revocable Living Trusts. After all, your Family Trust will be the document which manages and disposes of all your hard earned wealth. Make certain you choose a law firm which is both qualified and experienced.

No. Because you have complete control of all assets in your trust, you are free to manage your Trust in any way. Also, because your Trust is revocable, you have the right to make any changes in it while you are alive and competent.