- When the trustmaker becomes mentally ill In this case, the successor trustee takes over the charge on the trust and manages all the affairs related to the assets and their finances.
- When the trustmaker dies In the case of an uneventful death of the trustmaker, the benefits of the trust are transferred to the successor trustee. He takes charge. However, he must distribute the assets and the benefits according to the will of the trust's grantor.
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Plan your estate with revocable living trust
Have you felt the need of estate planning? Are you looking for a simple yet effective estate planning tool? If so, one of the best options that could be considered is the revocable living trust. Revocable literally means something that can be revoked or cancelled. The revocable living trust is a trust created in your lifetime to manage your assets, and the trust has the flexibility of being revoked or cancelled at any point of time. Though several other options are available for estate planning, this is considered to be one of the best.
The person creating a revocable living trust is called the grantor or trustmaker, and he is the one who controls and manages the assets. There may be cases when the grantor prefers to have an attorney or an institution to oversee the trust's activities.
How does it work
The trustmaker creates the trust with legal formalities that include preparation of documents consisting of the asset details and the trustee details. The trust documents also have the name of the beneficiary who would take charge of the trust under two conditions:
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