often referred to as a grantor or settlor. The creator effectively parts ways with the trust once the property, known as the corpus, has been transferred into the trust and the trust document has been executed. Once the trust is established, an appointed trustee oversees the administration of ...
Administration of these trusts is quite easy. They're disregarded entities for income tax purposes, meaning that any assets in the trust carry through to their grantors during their lifetimes. There are some disadvantages to revocable trusts. Implementing a revocable trust involves much time and eff...
A man may desire to make disposition of his property in his lifetime to avoid administration after his death. Indeed such a desire is not unnatural. And when it is given legal expression by gifts in trust during life there is manifest not only an absence ofHenry T. Lowe...
You’ll need to appoint a successor trustee to take over managing the assets in the trust and the work of distributing assets to the beneficiaries after you die or if you become incapacitated and can no longer manage the trust. This has to be someone capable of the job, someone you trust...
Results in additional administration and upkeep expenses Requires continual (at least annual) review of the plan Does not minimize taxes on its own May result in administrative difficulties for unique assets Who Owns the Property in a Revocable Living Trust?
Upon your death, your successor trustee(s)—those you have appointed to take over the trust after you pass away or become incapacitated—carries out the trust administration process by paying any required debts and/or taxes and distributing the remaining trust property to your beneficiaries ...