What You Have To Do Next After You Win $1.4B Powerball

As you work hard and commence to acquire assets and invest in different things, it is often a chilling thought to imagine something happening to you and what is to then happen to your assets and your loved one’s access to these assets.

Many times poor planning leads to loved ones having to spend too much money attempting to marshal and probate someone’s estate, because the person either did not even have a will or passed away with only a will, which requires a probate be established in the competent court.

“A trust is an arrangement where either money, real estate or other assets are transferred from the settlor, many times while the settlor is still alive, to be managed and administered for the benefit of another pursuant to the terms of the trust agreement”

A revocable living trust is where the trust is created during the settlor’s or grantor’s lifetime and can normally be changed and modified during the settlor’s or grantor’s lifetime. Generally, the revocable living trust is created by a written document, known mainly as a trust instrument or trust agreement. The funding of the trust should occur at the same time or shortly thereafter. Funding or vesting requires assets to be transferred into the trust.

Many times the grantor or settlor, the creator of the trust, and the trustee and the administrator of the trust are the same individual, and the grantor or settlor has the right to amend or revoke the trust.

The primary reason to consider using a revocable living trust is to avoid the sometimes lengthy and expensive probate process which many will be subject to when their loved one passes with or without a will only. The trust provides that in the event of the grantor or settlor’s incapacity, mental or physical, or death, the successor trustee takes over the administration of all trust property.

The most important or popular reason for its use is the avoidance of probate upon the grantor’s or settlor’s death. Probate is avoided because the Trust assets are owned by the trust rather than the grantor or settlor.

Do you have any questions about trusts?  It is important that you have a well drafted trust. Speak to one of our attorneys by calling 800-743-9900 or visit our website www.AmeriLawyer.com today!