Essay about Revocable Living Trust

Submitted By trenaye1989
Words: 472
Pages: 2

The purpose of a will is to indicate how you would like particular assets and possessions to be passed on to your loved ones after death. Who inherits what, as well as who can become the legal guardian of children if both parents were to perish. Although a will is very important, a will by itself is not nearly enough if not authenticated before a judge. When a person dies with only a will in place it makes it hard to pass their assets on to heirs. In addition to a will, a revocable living trust is also recommended. A revocable living trust is to make a will valid. This is a document that takes care of everything while you are still alive and even after death. It can be changed as much as you desire, all of the control is in your hands and nothing is permanent. A trust is made up of several parts; the Settlor or Trustor, who sets up the trust, the Trustee, is the person(s) you have signing authority over every asset inside of that trust. The processor whom takes over the management trust once the trustee perishes, or no longer has the ability to make decisions, and lastly the beneficiary who benefits from the assets that are in the trust. Each of these documents are crucial to any being if they want to have the very last ruling on their assets. Another vital document is an advanced directive and durable power of attorney for health care. The sole purpose of this document is to clearly state the level of medical intervention you desire in the event you become too ill to speak for yourself. This document will address your consent or refusal for specific treatments. The advance directive is also known as a living will, for you are living when this document is compiled. It is also important to appoint someone you trust to become your agent in…