Updating a living trust who is plies dating now
The beneficiaries are the people named to inherit your assets when you die.With a revocable living trust, only the grantor has the power to change the trust.Trusts are powerful estate planning instruments that can help you protect and preserve your assets, provide for your loved ones, give to worthy causes and avoid unnecessary taxes.It is important for trusts to be funded adequately, organized properly and administered responsibly.You can amend your named beneficiaries by following the procedures outlined in the trust document.Your trust doesn’t automatically update if you divorce or remarry.When you create an irrevocable living trust, you surrender control of your assets to the trustee.
I’m writing this because confusion seems to reign in the mind of clients about the temporary nature of the Schedule, which is the case for most trusts.
The person creating the trust is the grantor, or settlor.
If you and your first spouse created the trust together, the two of you are co-grantors or co-settlors.
If you have an irrevocable trust, this also eliminates the problem of convincing your co-grantor former spouse and the trust beneficiaries to eliminate your former spouse as a trust beneficiary. Petersburg, Fla., Karen Rogers covers the financial markets for several online publications.
She received a bachelor's degree in business administration from the University of South Florida.