If you are concerned about how your beneficiaries will manage your estate after you have passed on, then contact our team about establishing a Montana grantor revocable trust lawyer. Having an estate plan can give you peace of mind that your family will be taken care of after your departure. If you have questions about estate planning, such as how to begin and how it works, then reach out to us at Silverman Law Office, PLLC as soon as you can. We know the task of creating an estate plan can seem like an overwhelming task, but with our guidance, we can make the feat that much easier to accomplish. After all, once your estate plan is complete, you can rest assured that the future of your assets will be distributed to those you love the most. Don’t hesitate to contact our team for questions and individualized advice.
Revocable Living Trusts
A revocable living trust may also be referred to as an inter vivos trust, living trust, grantor trust, or revocable trust. This document lists your assets and instructs how you want your assets to be managed after you have passed away. Specifically, the term revocable means that you can revoke or amend your trust anytime, as long as you remain competent to do so. As your lawyer can explain about a Montana grantor revocable trust lawyer, there are three main parties to this document, including the grantor, the trustee, and the beneficiary. When you establish a revocable living trust, you are the trust maker or grantor. This simply means that you are the one who wrote the document. The trustee is the person or group of people that manages the trust property and assets for beneficiaries. Many people choose to appoint themselves as the trustee through their lifetime. In this way, you stay in control of your assets despite them being placed into a trust. You can appoint a successor trustee, who would manage the trust assets if you became unable to do so yourself, or after your passing. Lastly, beneficiaries are those who will receive a part of the revocable living trust property or assets.
Getting Started Today
When writing your revocable living trust, there are certain elements that are probably going to be included. You may need to give your trustee the legal right to control and manage the assets that are within the trust. This document will have instructions for how you want the trustee to manage the assets for your benefit throughout your lifetime. Who you choose as beneficiaries of your trust should be those you feel closest to and would be honored to have something of yours to carry onto the next generation of family. Since each person’s estate and family dynamic is different, we suggest getting more individualized Montana grantor revocable trust lawyer assistance from here. We know how impactful it is to establish an estate plan that outlines your wishes and provides future benefits for your closest loved ones. If you have questions about your estate plan, get started today by contacting our team at Silverman Law Office, PLLC.
