If you have assets that are held in a revocable trust, there is a possibility that you can be sued. For example, the trustee might be directed to leave a young beneficiary’s money in trust until the beneficiary is a certain age, and then dole it out in three chunks over 10 years. It’s entirely up to the person who created the trust. This flexibility means that a trustee may have money management responsibilities long after the executor’s job is finished. Once the assets are held in the name of the trust, they become the successor trustee’s responsibility.
- Even though you technically continue to own and possess the property, you’ll add language to the ownership documents, such as the deed for real estate, to indicate that you are holding it in trust.
- They are not intended to constitute legal, financial or other professional advice, and should not be relied upon as such or treated as a substitute for specific advice relevant to particular circumstances.
- Health-care facilities play a vital role within the community by providing essential medical care at all times including during emergencies.
- The pour-over will form should be consistent with the trust and may name the trust as a beneficiary.
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