There are some misconceptions that circulate with regard to the way that trusts work. In general, you would assume that you are creating a trust so that the assets would no longer be in your direct personal possession for one reason or another. This can lead to the belief that you are surrendering control of assets that you convey into any type of trust. In reality, this is not the case when it comes to a revocable living trust.
With a revocable living trust, you are not surrendering ownership, because you can act as the trustee and the beneficiary, and you can dissolve the trust at any time.
This ongoing control can be reassuring, and you are not bound by the original terms that you record in the trust declaration. If you want to change the trust, you can do so.
As we previously stated, you can act as the trustee and the beneficiary initially, but you would name successors to assume these roles after your passing. If you want to change the trustee, add a co-trustee, or alter the beneficiary designations, you can do so.
To implement minor changes in living trust provisions, you could add a trust amendment, and you would not have to change the initial trust declaration. However, if you want to make more sweeping changes, you could create a restatement of trust. Technically, the original trust would remain intact, but the terms of the trust restatement would replace the original terms.
Learn More About Living Trusts
A living trust would provide you with many benefits that do not come along with the creation of a last will. In the trust, you can provide spendthrift protections, and you can allow the successor trustee to act on your behalf in the event of your incapacitation.
These are a couple of the benefits, but there are others. If you would like to obtain more detailed information about the value of revocable living trusts, download our in-depth report. The report is free, and it may spur you to action when you gain a full understanding of the advantages.
To obtain your copy of the report, visit this page and follow the simple instructions: Free Report on Revocable Living Trusts.
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You have to work with a full understanding of all of the tools in the estate planning toolkit if you want your estate plan to be constructed in the ideal fashion. Our firm would be glad to assist you if you would like to discuss your options with a licensed professional.
We offer free consultations, and you can send us a message through this page to request an appointment: San Jose CA Estate Planning Attorneys.