Trusts

 

     Although there are many types of trusts used in planning one’s estate, the most common is the “revocable living trust” (“Trust”).   The person who sets up the Trust is usually called a “settlor”.  The person who manages the Trust is called the “trustee”.  When setting up the Trust, the settlor and the trustee are usually the same person until death or disability of either the settlor or the trustee.

     A revocable living trust usually plans for your death and your disability in the following ways:

          1.  Specifies beneficiaries of one’s estate;

          2.  Appoints a “trustee” to manage one’s estate upon death or disability of the settlor;

          3.  Avoids probate of the estate provided that assets are properly transferred into the Trust;

          4. May minimize estate taxes depending upon the size of your estate;

          5.  Preserves confidentiality of your estate; and

          6.  Allows the settlor and trustee to have more control over the disposition and management of assets.

 

 

 

 

 

Cheryl Takabayashi
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