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Revocable living trust a homeowner’s best friend

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The two major living-trust purposes are to (a) avoid probate costs and delays for your heirs after you die, and (b) management of your living-trust assets by your successor trustee if you become incapacitated, such as by a severe stroke or Alzheimer's disease. A living trust is "funded" by transferring title for your real estate and other major assets, such as stocks, bonds, mutual funds, etc., into your living trust to hold title within the trust. At the creation of the living trust, you are the living-trust trustor (principal and creator), trustee (manager) and beneficiary of the living-trust assets. That means you still have 100 percent control over your living-trust assets. Purchase Bob Bruss reports online. But your living-trust document should also name a "successor trustee," or even several successive trustees, such as a spouse, parent, adult son or daughter, niece, nephew, trusted friend, or bank trust department, to take over if you become incapacitated or die. 1. WHO MAKES AS...