When you begin to buckle down about exploring your choices concerning cars of asset transfer, you may recognize the worth of revocable living trusts. As the name recommends, these lorries are revocable so you can alter things and even dissolve the trust should you choose to do so.
This flexibility is interesting lots of people, and in addition to this benefit these trusts make it possible for the transfer of assets outside of the costly and lengthy procedure of probate.
There are three standard individuals in the trust:
The grantor is the individual who is developing the trust. He or she will place assets into the trust and prepare the trust agreement that will govern the administration of the trust.
The beneficiary is the individual who will receive distributions from the trust. This is the beneficiary of the grantor.
And lastly, the trustee is the person or entity that is charged with the responsibility of administering the trust in accordance with the regards to the trust arrangement as set forth by the grantor.
It needs to be kept in mind that the grantor can serve as both the beneficiary and the trustee while she or he is still alive and of sound mind to preserve overall control of the resources.
This is a quick summary. If you are interested in discussing the benefits that support trust creation with a professional, just take a moment to pick up the phone to schedule a consultation with a certified, skilled San Jose estate planning legal representative.