The revocable living trust is a typically used estate planning tool; it is frequently the center of an estate plan and has lots of advantages.
For example, trust planning gets you organized, avoids guardianship court proceedings if you become incapacitated, avoids probate when completely moneyed, minimizes New York and federal estate taxes for couples, and can provide life time property secured trust shares for beneficiaries. Who makes all this happen? Who are the 4 revocable living trust essential players?
You’re an essential player. If it’s your trust, you are the trust maker (i.e. grantor, trustor, or settlor), implying that you developed the trust. Second, you are also the trustee, implying that you hold legal title to the trust assets and can manage them as you want. Third, you are the recipient of the trust; the properties are held for your benefit.
2. Disability Panel
To prevent court disturbance through a guardianship proceeding, your trust will contain arrangements for an impairment panel. The disability panel most likely consists of medical professionals and relied on household members who identify whether you are crippled, or not.
You prevent court disturbance, stay in control, and have your desires brought out if you become incapacitated and when you pass away by licensing trustees to act upon your behalf. With the assistance of a competent estate planning lawyer, these trustees step into your shoes and follow the guidelines you’ve provided in your trust.
In addition, you will name trustees of any trust shares created upon your death such as trusts for an enduring partner, children, or grandchildren. For property protection purposes, beneficiaries ought to not act alone as trustee of their own trust share; they may act as a co-trustee.
You name recipients in your trust who will gain from your trust properties during any duration of incapacity and after your death.
If you have questions about the 4 sets of players in your revocable living trust, seek advice from a certified estate planning attorney.