What Kind of Decisions Will I Be Making?

Sep 19, 2011
Living Trusts

A Revocable Living Trust portfolio consists of the Trust and also Pour-Over Wills, Durable Powers of Attorney for Asset Management and the Health Care Directives.  You, or you and your spouse are the Trustors and Trustees of the Trust – you are the owners and managers of your Trust.

It’s really just two decisions:

First, who is going to inherit – who are your beneficiaries?  Then, the hard part, if something should happen to any of these beneficiaries, who would get their share?  Maybe it goes to their children (your grandkids) or maybe back to the other beneficiaries, which many times would be their brothers and sisters.  Many people choose the grandkids but if there are no grandkids, then back to their siblings.  You need Plan B, just in case.

Second, you’ll need to pick an administrator to settle the Trust estate, someone who is trustworthy and gets things done.  Again, you’ll need to choose a second person as an alternate.  The Pour-Over Wills and the Durable Powers of Attorney for Asset Management also need administrators and you may choose the same people as you did in the Trust.  For the Health Care Directives, you need to choose who will talk with your doctors if you can’t and who makes those end-of-life decisions, first choice and second choice.  If you have minor children choose a first and second choice for their guardian.

When you have these answers you’re ready to start the process of getting your Trust documents, which takes about four to six weeks and includes your phone consultation with the estate planning attorney as well as the notary bringing the documents to you for signatures, notarization, explanation and re-titling of your assets into your Trust (funding).

Call or email our estate planning advisors today to get started:
Toll free:  877-624-9231  or  714-860-7003