A revocable trust, which is also referred to as a living trust, gives you a great deal of control over your assets until your death. As noted by Bankrate.com, your trust may own your property and you may transfer assets in or out of it at any time.
After creating your trust, you may serve as both its trustee and beneficiary during your lifetime. A trustee generally has responsibility for managing the trust’s assets on behalf of its beneficiaries. Your trust may own your properties’ titles. When you die, your appointed successor trustee then manages them for your named beneficiaries.
When may I appoint another individual as a trustee?
Until your death, you may add or remove another individual as a trustee to manage a living trust with you or for your benefit. If your trust buys or sells property, for example, you may gain an advantage working with someone who has skills and experience in areas that complement yours.
Other advantages of setting up a trust include preparing for the possibility of becoming severely ill or incapacitated. The individual you appoint as your trustee follows your written instructions on how to make decisions on your behalf.
How may a trustee assist should I become incapacitated?
Your living trust may include a document known as a medical advance directive. It may also contain a power of attorney. These documents allow your trustee to advocate for your health care wishes. They may cover issues such as receiving particular treatments, procedures and prescriptions. You may also include instructions for your trustee to discuss end-of-life care and pain management with medical professionals.
A living trust provides options to control your assets, health care and other matters during your lifetime. By naming a trustee, you may turn to a chosen individual to assist with property issues, medical care and other issues you consider important.