What is the purpose of a revocable living trust?

Revocable Living Trust Forms. A revocable living trust is created by an individual (the Grantor) for the purpose of holding their assets and property, and in order to dictate how said assets and property will be distributed upon the Grantor’s death.

Can a grantor revoke a trust at any time?

The Grantor maintains ownership over their assets and they can make alterations to the document or choose to revoke the Trust at any point in their lifetime. The Grantor may appoint themselves Trustee (manager of the Trust) but must also appoint a Successor Trustee in case they become incapacitated or in the event of their death.

What happens when an irrevocable trust is created?

An irrevocable cannot be altered once created and all assets are owned by the Trust instead of the Grantor. This separation can help protect the contents of the Trust from estate taxes and undesirable claimants or lawsuits.

Can a grantor provide no compensation for the trustees?

The Grantor can choose to provide no compensation for the Trustees (first box) or some compensation (second checkbox). Step 13 – Article 14 requires the name of the State in which the document is being created. Step 14 – Article 15 pertains to the number of days a person must survive the Grantor in order to make a claim on the Trust.

Do I need to hire a living trust lawyer?

Do I Need An Attorney. As long as your living trust contains these basic elements, you can make your own living trust. Some choose to hire a lawyer, and more specifically, an estate planning attorney to prepare their estate planning documents, but this is not always necessary.

Do I need an attorney for my Living Trust?

No. You don’t need an attorney to form a living trust. You can prepare the legal paperwork and file it yourself, or use an online legal document service like LegalZoom .

Do I need a revocable trust?

If you want a vehicle to better control and manage your assets, then a revocable living trust may be a good choice for you. If you have children, grandchildren, or a potential heir who has special needs, then a revocable living trust may be a good choice for you.

What is an example of a revocable trust?

For example: Helen and Harold set up a joint revocable trust for the benefit of their three children. The couple transfers ownership of their assets, including their home, two cars, vacation property, and savings and investment accounts into the trust, naming themselves as co-trustees.