The right of revocation is not the only way that you control this type of trust. If you create a revocable living trust, you are called the grantor of the trust in legal parlance. The trustee is the person or entity who administers the trust, and the beneficiary is the person who receives monetary distributions from the trust. As the grantor of a living trust, you can act as the trustee and the beneficiary while you are living, and most people do choose to assume these roles. Since you are the trustee, you control the trust while you are alive and well.
Topics covered in this report include:
- Revocable Living Trusts
- Irrevocable Trusts
Click here to read the whole article or download the PDF.
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
- How Does Life Insurance Fit into My Estate Plan? - September 28, 2023
- Will Medicaid Pay a Family Member to Care for Me in Indiana? - September 26, 2023
- Challenging a Will in Indiana Based on Lack of Testamentary Capacity - September 21, 2023
