If you are in the early stages of estate planning, you could have a wide range of questions. For example, you may be unsure of which option, a trust or a will, is right for you. However, it is vital to understand some of the key aspects of an estate plan. For example, if you have decided to move forward with a revocable living trust, you should be aware of the different roles that people have and the responsibilities that are involved.
According to the Consumer Financial Protection Bureau, there are a few different roles that people have when it comes to revocable living trusts. First, there is the trustor, also known as the grantor or settlor. This is the individual who creates the trust. Next, there is the trustee. Trustees are in charge of making decisions about assets in the trust and may be financial institutions, people, or even the person who set up the trust. Finally, there are beneficiaries, who receive property or other assets from the trust after the grantor passes away.
Although setting up a trust may seem challenging to some people, it is important to remain focused and think about how advantageous having an effective estate plan can be. For example, a proper estate plan could prevent conflict within a family after the grantor passes away. Moreover, you may be able to obtain some peace of mind knowing that you have handled these matters.
Please bear in mind that this post was written for informational purposes and is not legal help.