What is a revocable or living trust? First, a trust is a contract that names a trustee to manage any assets owned by the trust. A grantor (aka settlor) gives something to another person with contractual instructions as to what they can and cannot do with the property. Put simply, the grantor is giving an item to another person to hold for them until certain events occur.…
Watch the video on Like this video? Subscribe to our channel. Living trusts (revocable trusts) and wills are methods for carrying out your wishes and providing instructions for disposing of your real and personal property when you die. Both documents offer instructions for your representative about how you want your assets distributed in the event of your death, but there are huge differences that can make…
The A/B Trust used to be one of the most popular estate planning products in a lawyer’s arsenal. Here’s how it previously worked: The first spouse dies and that spouse’s assets are placed into a trust using the first spouse’s estate tax exemption. The second spouse dies and their assets go to the children using the second spouse’s estate tax exemption. The assets in the first spouse’s trust…
