Information about the Revocable Living Trust
Entrusting someone with a property is a popular legal action these days. A person who has a lot of personal property under his name does not want to have it liquidated or dissolved at the time of his death. He would not let his property be sold to other people, so he hires a lawyer to create a trust, which is an agreement with regards to the management of his personal property during his lifetime.
There are known trusts that are created upon the death of the property owner. The owner hires a lawyer to create a revocable living trust. This is very different from the living will, which refers to the legal document in which a person directs the health providers and caregivers with regards to his treatment. This is done if he cannot talk anymore because of the severity of his illness.
The previously mentioned revocable trust is something different. It is a lifetime contract made between two people; the owner of the personal property and the trustee. The owner, who is also called the grantor, is the one who creates the stipulations and terms in the said agreement. It can be a joint trust, in which a husband and his wife both share the proposed agreement.
The grantor, according to the signed agreement, would then transfer his personal property to the trustee, who will manage his property for the benefit of the beneficiaries named within the document. The grantor would also serve as the trustee, along with the proxy trustee, for management purposes.
However, the signed agreement is also revocable which means that it can be subject to change or cancellation. The grantor has the right to make amends or cancel the agreement at any time within his lifetime. Factors that can affect these changes may include marriage, disability, change of mind of the person, or even divorce. Divorce online lawyers can help you with enough information about the terms of agreement.
There are known trusts that are created upon the death of the property owner. The owner hires a lawyer to create a revocable living trust. This is very different from the living will, which refers to the legal document in which a person directs the health providers and caregivers with regards to his treatment. This is done if he cannot talk anymore because of the severity of his illness.
The previously mentioned revocable trust is something different. It is a lifetime contract made between two people; the owner of the personal property and the trustee. The owner, who is also called the grantor, is the one who creates the stipulations and terms in the said agreement. It can be a joint trust, in which a husband and his wife both share the proposed agreement.
The grantor, according to the signed agreement, would then transfer his personal property to the trustee, who will manage his property for the benefit of the beneficiaries named within the document. The grantor would also serve as the trustee, along with the proxy trustee, for management purposes.
However, the signed agreement is also revocable which means that it can be subject to change or cancellation. The grantor has the right to make amends or cancel the agreement at any time within his lifetime. Factors that can affect these changes may include marriage, disability, change of mind of the person, or even divorce. Divorce online lawyers can help you with enough information about the terms of agreement.
