11/8/2023 0 Comments Living trust openoffice templatesThis separation can help protect the contents of the Trust from estate taxes and undesirable claimants or lawsuits. An irrevocable cannot be altered once created and all assets are owned by the Trust instead of the Grantor. Revocable vs Irrevocable – A revocable trust is able to be edited or terminated by the Grantor and the Grantor can choose to name themselves Trustee. Both revocable and irrevocable trusts bypass the probate process, but a revocable trust does not protect from estate taxes. Once the Grantor dies, a revocable trust becomes irrevocable and the Trustee (or Successor Trustee) will distribute assets within the Trust to the Beneficiaries as per the Grantor’s instructions. The Grantor may appoint themselves Trustee (manager of the Trust) but must also appoint a Successor Trustee in case they become incapacitated or in the event of their death. The Grantor maintains ownership over their assets and they can make alterations to the document or choose to revoke the Trust at any point in their lifetime. When the papers are signed, the trustee can open a bank account for the funds that constitute a trust or prepare a deed that transfers the real estate ownership to the trust.A revocable living trust is created by an individual (the Grantor) for the purpose of holding their assets and property and dictating how said assets and property will be distributed upon their death.
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