To better understand revocable living trusts, you first have to understand what a trust is. When most people hear of legal trusts, they think of tools that wealthy people used to pass inheritances on to their children or grandchildren. While this idea is somewhat accurate, it also leaves much out of the picture. A good way to understand what a trust is and how it works is to think of it in terms of a corporation. When you create a trust, you create a legal entity that exists in much the same way a corporation exists. Though a corporation doesn’t have a physical existence, the law allows the corporation to do certain things.
Topics covered in this report include:
- The Trust
- Living and Revocable
- Beneficiaries and Trustees
- You Need Legal Guidance