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We also invite you to attend one of our Free Living Trust Seminars.
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Many people are under the impression that trusts are only useful for those who are very wealthy. There are trusts that are used to satisfy the objectives of the wealthy, but there are other types of trusts that are useful for people of relatively ordinary means. Incapacity Planning & Probate Avoidance When you have a revocable living trust, you can account for the possibility of incapacity late in your life.
You could name a successor or disability trustee in the trust agreement.
There is also usually a recitation that whatever character the property had when it went into the trust (separate or community), it will retain that character while in the trust.
If it is a shared revocable living trust, the spouses would typically act as co-trustees and co-beneficiaries while they are both alive and well.I’m writing this because confusion seems to reign in the mind of clients about the temporary nature of the Schedule, which is the case for most trusts.To get it out of the way, let’s first talk about when the Schedule A is a permanent fixture of the trust that needs to be updated and maintained.You may choose to have personal property pass to to heirs upon your death, or you may designate the personal property to pass upon the death of the surviving spouse.It is also possible for each party to create his or her own living trust.