Wills and Living Wills Article
Revocable Living Trust
A trust is a contract between yourself as the Trustmaker/Grantor/Settlor/Trustor and yourself (typically) as Trustee (the person that manages the trust). You can change or revoke the trust at any time that you have capacity.
You can specify who determines your disability. You can set out the terms of the trust to handle distribution while you are alive and well, alive and disabled, and not alive. The trust handles both disability and providing for your beneficiaries. You can set the terms for how and when your beneficiaries receive assets from the trust. If the beneficiary has disabilities, a special needs trust may be appropriate.
You may want assets held in trust for a minor beneficiary. If a beneficiary is going through bankruptcy or has creditor issues, you may want to draft the trust so that the beneficiary cannot demand the money from the Trustee. Sometimes trusts are set up to provide protection in event of divorce (if the beneficiary receives the money outright and then commingles it with spouse, it can be hard to trace what is left, if anything, if the inheritance and amounts not traceable are included in what is divided in the divorce).
Consult an estate planning attorney to review your goals/wishes and the various options in this area.
Make sure you properly fund your trust after signing it and review all beneficiary designations to make sure they meet your wishes. It will be frustrating for your Trustee to not only have to do the trust administration but also the probate because you “forgot” to change title on an asset into your trust.
Comments:
QUESTIONS
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A California court awarded me full legal and physical custody of my daughter after her father hit her. He has been convicted of domestic violence, drug and misc criminal charges. He is supposedly "clean" now and court ordered that he can call my daughter once per week. This is the extent of their relationship. I currently live in Arizona and want to be sure that if something were to happen to me, my sister would have guardianship. My daughter is now 13, does not want to live with him and I strongly believe it is not in her best interest to live with him. She has very close relationship with my sister and my sister would provide stability. Can I "transfer" my custodial rights to my sister and direct that custody not go to my ex or his family in a will?
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Im my mom's will she left my daughter a mobile home with a will document stating that I was to live in the mobile home for lifelife. Now my daughter wants to kick me out and I'm a senior with no where to go on social security daughter lives in new york. the will says I can live there at no cost or expense to me for life use what can I do I need help she sent me a letter to move out
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Can I apply for my 75 year old grandma to get help filling out a Will and POA.
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Our living will was updated for the state of California; should it be updated for Arizona since this is our primary residence?
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When a person passes away are the outstanging debts,like credit cards passed on to their adult children?
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My parents have passed away and in their Trust and Wills I am listed as their representative. What do I have to do in order to sell their properties?
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my grandfather has recently passed away. he financed a car for me 6 months before he passed. his name is the only one on the loan. how do i transfer the loan into my name although i dont have an established credit history.
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What is the difference between a 'living will' and a 'last will and testament' type of will?
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how would you find out what happened if someone willed proprty to you after they died several years ago
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What is a living will?
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