Revocable Living Trust

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If you have assets properly funded into a revocable living trust, you and your successor trustees takes care of the management and investment of the trust assets. This means you, as the current trustee; your successor trustee if you are deemed mentally incapacitated; or your administrative trustee after you die; have legal authority to work with the assets in your trust.

Assets that are not funded in your revocable living trust and are owned in your name or in joint names cannot be legally managed by your trustee. As a result, you need to name a power of attorney to handle the investment and management of all assets not held in the name of your trust.

Hire an experienced attorney when you go to prepare revocable living trust. Make sure the process is understood. Your lawyer should be able to explain everything in detail.

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