What Does Revocable Trust Agreement Mean
Now, who can be the beneficiary? Basically, everyone I want, but the way I`m going to build that trust, I will be. It`s a little interesting. I will be a beneficiary of my own property, but when I die, my children will also benefit from my property. So I am the Settlor, my son is the agent, me and my children will enjoy it, and my son`s mission is to read the instrument I have put in place, the instrument of trust, and manage the property… Invest the… Dividends like this. I could say, give me the income for life, give me what`s left of my children. Okay, now confidence comes in a few varieties. Remember that our moderator told me that what I needed is a revocable living trust. Now, what my host had in mind was that I was going to put all my property in that confidence, call an attorney, but here is something interesting, I can call myself a trustee, at least in my lifetime and ability. So I put my property in trust, I consider myself an agent, I consider myself one of the beneficiaries, so during my life I distribute a large part of this fiduciary property to myself, and after my death, the property will go to my children. As you get older, there are two important things to consider.
One of them is retirement. With the necessary age savings and a financial plan, you can live the life you want to live during your golden years. The second thing to consider is what will happen to your estate. Estate planning is not just for rich people, and have a strategy to pass on your assets will make the process more fluid for you and your loved ones later in life. So the question is, you don`t need estate planning, but what kind of estate planning should you do? In this guide, we look at revocable trust, how it works and why you might want to take it into account when you start planning your estate. A trust company is a corporation specially created to own the assets and property of an individual or family. But it is an empty container, except until the trustmaker transfers ownership of these assets and ownership in the name of the trust and its agent. This process is called «financing» of the trust. With that confidence that I`ve told you about, it doesn`t have to happen.
My son takes over just when I die, distributes the property of the trust, there is never a court at stake.