If you need to make a change to your Revocable Living Trust; for example, naming a new Successor Trustee, or eliminating a single, specific provision, you’ll need a Trust Amendment. A Trust Amendment is a legal document that makes changes to certain parts of your Revocable Living Trust but leaves the rest of the provisions unchanged. If you want to make changes to your trust, it’s important … [Read more...] about How do I Change My Revocable Living Trust?
Joint ownership is when more than one person owns a piece of land or a financial asset and how you own the property can affect how your estate is settled upon your death. There are three basic types of joint ownership: Joint Tenancy with Right of Survivorship This type of ownership gives both owners full ownership of the asset and is most commonly seen in real estate property. In this case, if … [Read more...] about What is Joint Ownership?
A Living Trust is one you create while you are alive. One common type of living trust is a revocable living trust often used in place of a regular Last Will and Testament. A living trust is applicable during your lifetime and can benefit both you and your beneficiaries while you’re still alive. A Living Trust allows you to retain control of the assets, and if you should become mentally or … [Read more...] about What’s the Difference Between a Testamentary Trust and a Living Trust?
If you’re starting to learn about the estate planning tools available to you, you’ve probably heard a little about trusts. But what are trusts and how do they work for you? A trust is a separate legal entity that holds ownership to your assets. Depending upon the kind of trust you create, you can continue to maintain control over these assets and do with them as you wish by appointing yourself as … [Read more...] about The Basics of a Trust