THE ANATOMY OF A TRUST
June 21, 2013
When it comes to transferring your assets to your loved ones, you may decide that you would prefer to use a revocable living trust rather than a last will.
The primary reason you may choose this option is because of the fact that your estate must pass through probate when you utilize a last will as your primary vehicle of asset transfer. Probate is a legal process that is time-consuming, public, and oftentimes expensive.
Most people would prefer a private, efficient, and cost-effective transfer of assets. In many cases this can be better facilitated if you arrange for the distribution of your assets via a revocable living trust.
When you create the trust you must name a beneficiary and a trustee. As the name implies, the beneficiary is the party that benefits from the resources that have been placed in the trust. It is the job of the trustee to administer these resources in accordance with the terms that were set forth by the grantor or creator of the trust.
The grantor can serve as both the trustee and the beneficiary while he or she is still alive, so you can retain full control over the resources throughout your life. And because the trust is indeed revocable you can change the terms or even dissolve it if you want to.
If you are interested in exploring the details of trust administration in depth, simply take a moment to arrange for a consultation with a qualified San Bernardino estate planning lawyer.