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4 Revocable Living Trust Key Players

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					                           4 Revocable Living Trust Key Players

The revocable living trust is a commonly used estate planning tool; it is often the
center of an estate plan and has many benefits. For example, trust planning gets
you organized, avoids guardianship court proceedings if you become
incapacitated, avoids probate when fully funded, minimizes New York and federal
estate taxes for married couples, and can provide lifetime asset protected trust
shares for beneficiaries. But, who makes all this happen? Who are the 4
revocable living trust key players?

         1. You.

You’re a key player. First, if it’s your trust, you are the trustmaker (i.e. grantor,
trustor, or settlor), meaning that you created the trust. Second, you are also the
trustee, meaning that you hold legal title to the trust assets and can manage them
as you wish. Third, you are the beneficiary of the trust; the assets are held for
your benefit.

         2. Disability Panel.

To avoid court interference through a guardianship proceeding, your trust will
contain provisions for a disability panel. The disability panel likely consists of
medical professionals and trusted family members who determine whether you
are incapacitated, or not.

         3. Trustees.

You avoid court interference, stay in control, and have your wishes carried out if
you become incapacitated and when you die by authorizing trustees to act on
your behalf. With the guidance of a qualified estate planning attorney, these
trustees step into your shoes and follow the instructions you’ve provided in your
trust.

In addition, you will name trustees of any trust shares created upon your death
such as trusts for a surviving spouse, children, or grandchildren. For asset
protection purposes, beneficiaries should not act alone as trustee of their own
trust share; they may act as a co-trustee.
         4. Beneficiaries.

You name beneficiaries in your trust who will benefit from your trust assets
during any period of incapacity and after your death.

If you have questions about the 4 sets of players in your revocable living trust,
consult with a qualified estate planning attorney.

Experienced estate planning attorneys Forest Hills NY of Davidov Law Group
offers estate planning and business planning resources to residents of Forest Hills
NY. To learn more about these free resources, please visit
http://www.davidovlaw.com today.

				
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Description: The revocable living trust is a commonly used estate planning tool; it is often the center of an estate plan and has many benefits.