A Revocable Living Trust is a trust (Revocable Trust) that is
- Revocable (as long as you are mentally competent and alive)
- Established during your lifetime
During your lifetime, with a revocable living trust, you typically play all the roles in the trust. You are the “grantor” by putting assets into the trust. You are the “trustee” because you are managing the assets. And finally, you are the “beneficiary” because you are getting the benefit of the assets. But, you don’t have to play all the roles. There is nothing that says you can’t have a third party trustee.
You get most, if not all, the benefits of a trust, but maintain full control over the assets.
from Protecting You And Your Family http://ift.tt/29N3aoS
from DeWitt Law Firm, PLLC
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