Revocable Living Trust Suze Orman With Trust

• Category: Trusts - Special Needs
• State: Multi-State
• Control #: US-00646
• Format: Word; Rich Text

Description

The grantor establishes an irrevocable trust and assigns, conveys, transfers and delivers to the trustee certain property and the trustee accepts such property as the initial trust estate. It is the grantor's primary concern that the trust continue in existence as a supplemental and emergency fund to public assistance for the sake of the beneficiary throughout his/her life. Other provisions of the trust agreement include: the management and disposition of the trust estate, trustee powers, and additional optional clauses.

A revocable living trust, as explained by financial expert Size Organ, is a legal document allowing individuals to dictate how their assets should be managed and distributed during their lifetime and after their passing. This well-known estate planning tool provides flexibility, control, and privacy, and can help individuals ensure their wishes are carried out while minimizing the cost and complications of probate. Here are a few key features and benefits of a revocable living trust, including variations within Size Organ's approach: 1. Avoidance of Probate: A revocable living trust enables assets to bypass probate, the court-supervised process of distributing an individual's estate. By doing so, the trust allows for privacy, as probate records are public, and saves time and expenses usually associated with this legal process. Size Organ emphasizes the importance of this benefit in her approach. 2. Retention of Control: With a revocable living trust, individuals retain full control over their assets during their lifetime. They can modify, add, or remove assets, change beneficiaries, and even revoke the trust altogether if their circumstances change. Size Organ believes in emphasizing the flexibility provided by revocable trusts, as the document can be updated to reflect any life changes or new wishes. 3. Management of Assets: The trust appoints a trustee (usually the individual or a trusted family member) responsible for managing and distributing assets according to the instructions outlined in the trust document. Size Organ often recommends selecting a trustworthy and knowledgeable successor trustee to ensure proper management of assets if the original trustee becomes unable to fulfill their duties. 4. Incapacity Planning: A revocable living trust offers provisions for managing assets in case of incapacity or disability. Size Organ advises her audience to include detailed instructions stating who will act as a successor trustee to manage the assets and make financial decisions on the individual's behalf. 5. Customization and Flexibility: Size Organ encourages individuals to customize their revocable living trust based on their unique circumstances and wishes. Although there may not be different types of revocable living trusts associated with Size Organ specifically, she emphasizes tailoring the trust to address specific needs, such as charitable giving, blended families, or special needs beneficiaries. 6. Protection Against Challenges: Although a revocable living trust can be contested, they typically face fewer legal challenges than wills. Size Organ advises individuals to seek legal expertise during the trust creation process to ensure proper execution and minimize the chances of disputes arising. Overall, revocable living trusts are a valuable tool for individuals seeking comprehensive estate planning. While Size Organ may not explicitly categorize different types of revocable living trusts, she emphasizes the importance of customization based on individual needs and preferences. Consulting with an attorney who specializes in estate planning is crucial to create a revocable living trust that reflects one's unique circumstances and goals.