The first TRUST we will cover is a Trust you can change, A Revocable
Trust. We should begin with what exactly
a TRUST represents. A TRUST is actually
a legal agreement. In this arrangement,
you, The Grantor, set certain properties in this legal document. Next, you appoint a TRUSTEE. This individual manages the property for you
under the terms of the trust. Lastly,
there are beneficiaries of the Trust.
These individuals could be you, your family members, charities or any
number of other people you may wish to give the assets to.

As a Trust you can change, all the assets in this Trust are still part of
your taxable estate. This means you, The
Grantor, have complete control over the Trust and can change, even terminate
the trust at any time. In addition, this
trust could also be called a TESTAMENTARY TRUST. The properties in the trust
that take effect when you pass on. You
may be asking if I have a WILL, why would I need a Revocable Trust?

Your WILL manages PROBATE assets.
These are assets held or owned in your own name. The assets that do not have a named beneficiary.
Two
examples would be a Bank Account or Real estate that you own.

The Revocable Trust is a WILL SUBSTITUTE.
It provides for the management of your properties inside the Trust
while you are Living ( a Revocable Living Trust) and eventually when you pass
away. Another important feature of this
document lies in the fact that if you become incapacitated and/or incompetent,
your names TRUSTEE manages your assets and provides for your needs without the
need for court intervention.

Next we will name other benefits of such a
Trust. In conclusion, let me state I am
not an Attorney. The language in this report
is by no means intended to state or direct you to adopt a Revocable Living
Trust. If you feel the need to write a
Revocable Trust, I strongly you to seek the advice of an Attorney that
specializes in drafting these trusts