A revocable living trust is an instrument of law that can be utilized to oversee your property throughout your life and also to distribute your property or estate after your death. A revocable trust is created by a legal document, that names the "trustee" to manage the trust. Typically, you are the trustee when you are alive.
Usually, you'll designate the responsibility to a "successor trustee"typically a spouse or someone close to your family. The successor trustee takes the responsibilities of your trustee and will manage the assets you transferred into the trust after you die. If you are looking for the best trust attorney in Mesa visit www.danalegalhelp.com/location/mesa/.
To comprehend the advantages of living trusts, it is often helpful to know those who are included in the trust and also the assets and information included in it.
I. Grantor – this is the person who created the trust.
II. Trustee – the person who is responsible for overseeing. In general, if the trust's grantor is alive, they are the trustee.
III. Successor Trustee: this is the person who will assume the control of the trust, and will distribute the trust's assets when the original trustee dies or is incapacitated. This can be an intimate friend, spouse, or adult child.
An attorney by virtue of his training, qualifications, and experience can save you from a lot of hassles in the future by ensuring that it is drafted properly and is legally binding.