an introduction to living trusts (part 1 of 2) presented by duban sattler and associates, llp
TRANSCRIPT
AN INTRODUCTION TO LIVING
TRUSTS (PART 1 OF 2)Presented by Duban Sattler and Associates, LLP
AN INTRODUCTION TO LIVING TRUSTS (PART
1 OF 2)
At Duban Sattler and Associates, LLP, we provide
our clients with a range of estate planning services.
Sometimes, establishing a strong estate plan
requires the creation of a living trust. Over the next
two posts, we discuss some of the basics of living
trusts, including how they function and why a
person might want to set one up.
AN INTRODUCTION TO LIVING TRUSTS (PART
1 OF 2)
Living trusts represent legal documents that establish a trust fund for a person’s benefit. Administered by the fund’s trustee, assets placed into the fund, which include property, stocks, bank accounts, and more, transfer to its beneficiaries after the death of the person who created it (the “grantor”). Living trusts come in two forms: revocable and irrevocable. Revocable living trusts can undergo dissolution or amendment by their creators, while irrevocable trusts cannot. Generally, these trusts confer upon the trustee the right to control assets held by the trust, provide instructions to the trustee about management of the assets, and name those appointed to receive the assets after the grantor’s death.