Absolutely not. As trustee of your Revocable Living Trust, you have total control of your assets until your incapacity or death. You can amend, or even revoke, the terms of the trust. You even file the same income tax returns.

Absolutely not. You keep full control over your property. As the creator of your trust, you can do everything with your trust assets as you could do before you established the trust. Nothing changes except the title by which the assets are held. Usually, the grantor is the trustee of his or her own trust. When you establish a Living Trust, you transfer all of your property from your name into the name of the trustee of your trust.

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 assets that are placed inside a trust are controlled by the Trustee of the trust. Typically the creators of the trust are Trustees.

Your personally selected successor trustee will control your assets. If you and your spouse are cotrustees, either of you can act and have instant control if one becomes incapacitated or dies. If something happens to both of you, or if you are the only trustee, your handpicked successor trustee will control your assets.

The account statement, stock certificate, title or deed will make some reference to the trust or to you as trustee. Some examples are:

The result of setting up a trust is that you cease to be the legal owner of the assets placed in trust. But the trust company will heed your wishes as long as they do not conflict with the law or the trustee's duty.

The trustee of a revocable living trust administers only those assets that were transferred to the trustee. If you own something outside your trust when you die, the only way to get it into your trust after you're gone (which may be very important if some of your beneficiaries are very young or unable to handle assets themselves), is to have a pourover will.

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.

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.

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).

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.