You may have loved ones you want to support financially now but want to retain control over how those finances are administered. A revocable trust offers solutions.
At EstateGenius, we carefully listen to how you want a revocable trust to benefit you as well as the beneficiary. We advise you of all the best options, including when and how a revocable trust should be funded, and provide a plan moving forward.
When you create a trust, you transfer assets into the trust’s name. You no longer manage these investments, so whether or not you die or become incapacitated, chances are your assets will not be affected by it. Your trust can continue operating seamlessly, meaning it’ll continue to benefit the beneficiary as you instructed.
Revocable trusts add a flexible piece to your estate plan puzzle. Flexibility materializes in many ways. Funding a revocable trust doesn’t have to be by way of a bank account but can include real estate or personal items. You can also, at any time, modify or terminate the trustee, the beneficiary, and the way assets are distributed. It’s all up to you.
Why a grantor may want to revoke a trust are many. The most common reason is divorce. In circumstances when extensive modifications are required, dissolving the trust and creating a new one may be easier. Ultimately, the grantor may have no reason except that the trust is no longer wanted, and for that reason alone the trust can be revoked.
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