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Do you worry about how your loved ones will manage the inheritance you leave behind? A revocable trust helps your family prepare for when you are no longer around. The revocable living trust is an arrangement by which you transfer ownership of your property into a trust throughout the course of your lifetime. Four main parts to know of a revocable trust are the Granter, Trustee, Trust Assests and Beneficiaries. To learn more contact shoreline financial.
An irrevocable trust is a trust that can't be modified or terminated without the permission of the beneficiary. The grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets and the trust. This is the opposite of a "revocable trust," which allows the grantor to modify the trust.
Power of attorney is granted to an “attorney-in-fact” or “agent” to give that individual the legal authority to make decisions for an incapacitated “principal.” The laws for creating a power of attorney vary from state to state, but there are certain general guidelines to follow. Before you or a loved one signs any documents, however, be sure to consult with an attorney concerning all applicable laws and regulations.
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