Revocable Living Trust (RLT)
A Revocable Living Trust (RLT) is an estate planning option that allows you to transfer ownership of your assets to a trust and keep your affairs private. A Revocable Living Trust means that the Grantor (you) may change the trust term or terminate the trust during your life time. You are the owner of your trust. Let's talk about the Bucket Analogy and your trust. You own a bucket. Everything you own goes into the bucket. You are the owner of the bucket with a grip on the handle.
If you can't hold the bucket any longer, you name someone who can help you with the bucket. The Trust is a flexible estate planning document that provides a plan for life changes. If there is incapacity, you create measures to protect your family and you. They watch over you and your assets in the bucket. Your living trust helps support you and your family during incapacity.
Your living trust is revocable and you can change it as your life changes.A living trust provides for children and even grandchildren. A living trust provides planning for pets. A living trust may utilize language to set up a marital trust that protects a surviving spouse. A living trust may include language for special needs. Talk to Your Estate Ally to find out more about the benefits of a living trust.
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