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.

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.

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.

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

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.

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.

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.

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).

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

If you are acting as trustee of your own living trust and become incapacitated, whoever you have named as your successor trustee will assume the responsibility for managing your assets on your behalf. If your assets are not in your living trust, someone else must manage them. How this is accomplished may depend on whether the assets are your separate or community property.

You, as trustor (the maker of the trust), would create and execute a trust document and transfer your assets to yourself as the trustee of your trust. In your trust documents you would name yourself as the immediate beneficiary of the trust. You would identify a subsequent or successor trustee to manage your assets upon your incapacity or death.