Getting older in San Diego means taking on new responsibilities. One will be deciding how your estate is divided among your heirs. You will need to be able to protect all of your assets. This means making sure that the person you name as your trustee is in a position to carry out all of your aims.
What is a revocable living trust?
Trust administration is one of the most pressing issues that you need to keep in mind as you form this arrangement. A revocable living trust can satisfy this need. This type of trust is formed with the intention of giving a solid level of protection to your assets. Once formed, ownership is ironclad.
The person who forms this kind of trust will be known as the grantor or trust maker. You can serve as the trustee in order to control, rearrange, and manage the assets that you have placed there. In some cases, you can hire an attorney or appoint an institution to do all of the day-to-day managing work for you.
How does a revocable living trust work?
There are many details involved in estate planning that you will need to get up to speed on. For example, all of your efforts will be for naught unless you specifically transfer ownership of assets and property into the trust. At the same time, you need to name a trustee as an administrator.
Once this is done, your revocable living trust will be in operation. You can choose to modify this trust at any time. This is the reason it is known as revocable. You can transfer assets in or out or change the beneficiary of the trust. The trust is fully revocable until the time that you pass.