How does a Living Trust function as a management device if I am incapacitated?
In the event that you are incapacitated, the trust can provide for an alternate trustee, whom you have selected, who will manage the trust funds for you. The trust document should spell out how the determination of incapacity is made. Q: How does a Living Trust serve as a substitute for a Will? The trust document provides for the distribution of the settlor’s assets upon the settlor’s death. On the death of the settlor, the trustee distributes the trust assets directly to the beneficiaries designated in the trust instrument. There is no automatic court supervision or probate of this distribution process as there is under a Will. This is generally faster and less costly than the distribution of assets pursuant to a Will. Note: In order for a Living Trust to function as a Will substitute and avoid probate, the settlor’s assets must be transferred into the Living Trust during the settlor’s lifetime. Q: Does a Living Trust save taxes? You can utilize the same tax planning strategies in a W
Related Questions
- Why use function blocks to model device or resource management applications? This usage is described in subclauses 1.4.7, 3.3 and Annexes F and G of IEC 61499-1.
- What sparked the development of real estate management as a function within the real estate industry?
- How does a Living Trust function as a management device if I am incapacitated?
