A Living Trust Isn’t a Cure All

The revocable living trust is the most commonly utilized trust in the field of estate planning. People are comforted by the fact that you can in fact revoke the trust if you ever want to change your mind and take back direct possession of the resources for some reason. Plus, the control does not stop there. If you establish a living trust, you can act as the trustee and the beneficiary while you are alive, so you call the shots in every way. A living trust is a better option than a last will for most people with a reasonable store of resources for a number of different reasons. One of them is the fact that you can account for incapacity. As we have stated, you would be the trustee of the living trust. You could name a disability trustee to administer the trust if you ever become unable to make sound decisions on your own. Another living trust benefit is the ability to include spendthrift protections. You are not required to allow for lump sum distributions to the inheritors.…

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