2006-08-05 07:47:18 · 3 answers · asked by nigerman1 1 in Home & Garden ➔ Other - Home & Garden
Usually a Trust is created to avoid your estate being Probated upon your death. It is becoming very common and useful. The Trust sets out who you are and it names you as Trustee. You normally name a person or persons to act as Trustee in the event you are unable to, weather for health reasons or upon death. You are stating what you want done with your belongings, Real Estate or person property. It is most common for a husband and wife to name each other as successors Trustee's first and then any children, family member or a friend. Most often the Trust is revocable until such time as one of the Trustee's dies. Then it is becomes irrevocable.
I have seen some that are short and sweet and then I have seen some that are like volumes. It depends upon the size of your estate.
A trust is created when you are alive, hence the Living. The revocable part is that you can revoked (cancel) the Trust and as things change in live, more children and or property you can always Amend your Trust.
It is very common in California for Real Esate Property to be put in the Trustees name's, such as John Smith and Jane Smith, Trustees of the Smith Family Revocable Living Trust dated..................
2006-08-05 09:30:53 · answer #1 · answered by Plain Jane 3 · 2⤊ 1⤋
That means that either party can stop the trust at any time they would like. It is possible for both to cancel the trust.
2006-08-05 08:01:47 · answer #2 · answered by Andi 2 · 0⤊ 0⤋
its a trust that can be changed.
2006-08-05 07:53:37 · answer #3 · answered by jojo 6 · 0⤊ 0⤋