Estate Planning Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Estate Planning

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Cisco who wrote (14)	1/15/2005 3:25:50 PM
From: Lazarus_Long	Read Replies (2) of 79

wsba.org mobar.org Note this: Is a Revocable Living Trust an Adequate Substitute for a Will? No! Even though a revocable living trust may be considered the principal document in an estate plan, a will should accompany a revocable living trust. This type of will, referred to as a "pour over" will, names the revocable living trust as the principal beneficiary. So set up wills at the same time. A living trust avoids probate. The spouses setting up the trust designate what property and assets shall be considered to be entrusted. Other property may have to go through probate. A revocable trust can be revoked (destroyed) by a grantor during the grantors lifetime. Usually revocable living trusts are set uo by a husband and wife. When both spouses are alive, the living trust is essentially not there. The assets can be handled by the grantors as they wish. However, a trustee must be appointed when the trust is set up. The trustee can be the surviving spouse, but then an alternate trustee must also be appointed. When one dies, the trust is divided into 2 parts- -the "A" trust and the "B" trust. The survivors assets are in the "A" trust; the deceased's in the "B" trust. The surviving spouse can largely handle the totality of entrusted assets as though it were his/hers, but at the survivors death, the assets are divided into "A" and "B" parts as provided in the trust document and given to the heirs designated as their heirs by the 2 spouses. And now JLA will probably sue me for practicing law without a license. :-) But you will need a lawyer anyway to set up a trust. A durable power of attorney giving someone you trust authority to make life-and-death decisions for you ("turn off the respirator") should also be considered as part of the package so your assets are not wasted keeping you artificiallt "alive" and destroying your wealth.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next