There are a number of different advantages, and for many, probate avoidance is at the top of the list. If you use a will to state your final wishes, you would name an executor to act as the administrator, and they would admit the will to probate. This is a legal process that takes place […]
Since you maintain the right of revocation and you will be acting as the trustee, you are retaining incidents of ownership in a legal sense. You have direct access to the resources, so a litigant seeking redress would also have access. In addition to lawsuits and tax liens, this applies to some other matters. If […]
Yes, this is another layer of control that you retain. This would be a revocable living trust, so you would be able to revoke or rescind the trust at any time.
No, this is a commonly held misconception about trusts. If you establish a living trust, you can act as the trustee while you are alive and well. As a result, you maintain complete control of the assets that you convey into the trust.
This is a term that is not tricky in any way. Simply put, a living trust is a trust that goes into effect while you are still alive.