Your Revocable Living Trust
Planning for the future of your loved ones can be difficult. Tax concerns and arrangements for specific care often require more than a simple will can handle. An outstanding solution for many estate planning problems can be found through the use of a revocable living trust.
A Revocable Living Trust (RLT) is a legal document that enables you to leave instructions for who you want to handle your final affairs and how you want your assets distributed after you die. An RLT looks a lot like a will, but unlike a will, the trust does not go through the probate process in your state. That means you can appoint the person that will be responsible for managing your estate, it prevents the court from controlling your assets if you are declared incompetent, and it gives you (not the court) control over the assets in the trust that you leave to your minor children and/or grandchildren.
There are many benefits offered by using a living trust in your estate plan. Among them are the following:
You should enlist a reputable attorney throughout all phases of establishing your living trust. Your trust agreement must be drafted in accordance with the laws of your state and must be signed by all parties involved in order to be properly established.
A trustee and successor trustee should be appointed and named in your trust agreement to provide trust management and to distribute all assets. The grantor serves as trustee and appoints the person or organization he/she wishes to distribute the estate as the successor trustee. The successor trustee may be an individual such as a child of the grantor, or a corporate trustee can be named.
Distributing Trust Assets
Assets are distributed by the successor trustee at the death of the grantor. Assets are distributed outright or may remain in trust and be distributed as otherwise specified.
Remembering Long Beach Rescue Mission Foundation
You can remember Long Beach Rescue Mission Foundation through your living trust in a variety of ways.
If you would like further information on establishing a living trust, a representative from the Ministry Support Office will be happy to assist you. Please contact us by calling (562) 591-1292 or email. Your inquiry places you under no obligation.
If you choose to include Long Beach Rescue Mission Foundation in your will, would you please notify us by completing the Estate Intention Form PDF We would like to express our sincere appreciation for your support.
Please note, individual financial circumstances will vary click here to read more.