Does any one have any experience with a living trust?We want to do one for our kids but I have a stepson (who would be included) I just dont want his mom to try to get what's not due to her. Any one know of the cons of a living trust?
2007-04-15 09:44:32 · 3 answers · asked by vchild22 2 in Family & Relationships ➔ Marriage & Divorce
See a good lawyer
2007-04-15 09:47:38 · answer #1 · answered by luckford2004 7 · 0⤊ 0⤋
A revocable living trust is a living trustin which the settlor (you) retains the right to alter, amend, or revoke the trust during your lifetime. When you die, the dispositive provisions (provisions that dispose of your property) take effect and the trust then becomes irrevocable. A irrevocable living trust is a living trust that cannot be revoked or amended by you once it has been established, which is the principal disadvantage. By using trusts in some states, people can avoid some types of family allowances from being taken from their estate. Hope this helps
2007-04-15 17:13:55 · answer #2 · answered by Arthur W 7 · 0⤊ 0⤋
Yep. Have one. What do you want to know??
2007-04-15 17:04:13 · answer #3 · answered by April 6 · 0⤊ 0⤋