Which is living trust is right for You?

Which Living Trust Is Right For You? Most valuable assets should be transferred to a revocable living trust.

What are the assets of a revocable living trust?

At the most basic level, a revocable living trust, also known simply as a revocable trust, is a written document that determines how your assets will be handled after you die. Assets can include real estate, valuable possessions, bank accounts and investments.

Who are the trustees of a living trust?

A living trust designates a trustee to manage assets for the beneficiary, while the grantor is still alive. Trustees with fiduciary duty manage trusts according to the beneficiary’s best interests. Living trusts can be either irrevocable or revocable. How Living Trusts Work

Can a living trust be a conservator?

Living trusts also avoid conservatorships, they say, because if you become disabled, a trustee is already in place to manage your trust assets for you. And, especially, you won’t have to deal with lawyers and courts.

How are assets listed in a living trust?

Often, the assets are listed on an attachment to the trust document, called a schedule. It’s common to find real estate, bank accounts, and heirlooms in a trust. Just listing an item on a property schedule, however, doesn’t mean that the item is automatically held in the trust. It must be legally transferred.

Can a property be passed to a living trust?

Only property that was legally transferred to the living trust before the deceased person’s death can pass under the terms of the trust. Start with the trust document. It probably lists property that the settlor (the person who set up the trust) at least intended to transfer to the trust.