Who are the trustees of Richard Jenkins revocable living trust?
The grantors and the trustees confirm that all assets currently titled in the name of the trustees of the Richard Jenkins and Patricia Jenkins Revocable Living Trust shall continue to be held by the trustees as assets of the amended and restated trust. Part 1. Trust Name
What kind of trust does my dad have?
Mom and Dad set up an irrevocable trust years ago (Bill Clinton was on his first term) and put land and some other assets in the trust. Are the assets in the trust safe? Dad has a revocable trust (although the front page says it is a “living trust”) he set-up several years ago. How will Medicaid treat that trust?
When does a living trust become a public record?
No. A will becomes a matter of public record when it is submitted to a probate court, as do all the other documents associated with probate —inventories of the deceased person’s assets and debts, for example. The terms of a living trust, however, need not be made public.
Who is the trustor in a revocable living trust?
The Trustor (s) are the people who transfer their property into the trust. Second, are the people who manage the assets placed into the trust, the “Trustee (s).” Now, for a revocable living trust, the Trustee (s) most often are the same people as the Trustor (s) as long as they are alive and competent.
What can a living trust do for an elderly parent?
A living trust is a legal documentation of how to handle your parents’ finances and assets. These living trusts for elderly parents are often set up to help them manage their money as they become older, or their health is deteriorating. With a living trust, a grantor is used to create the trust and put all the assets in place under the trust.
Is the revocable trust a living trust in Florida?
The revocable, or “living,” trust is often promoted as a means of avoiding probate and saving taxes at death and is governed by Chapter 736, Florida Statutes.
Can a grantor set up a living trust?
These living trusts for elderly parents are often set up to help them manage their money as they become older, or their health is deteriorating. With a living trust, a grantor is used to create the trust and put all the assets in place under the trust.
Can a revocable trust be set up for elderly parents?
When you are establishing a living trust for elderly parents, it is important to consider what type would work best for their situation and needs. A revocable trust allows the grantor to revise or revoke the terms of the trust at any time without any consent from its beneficiaries.