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A living trust trustor is also referred to as a living trust grantor or settlor. The purpose of a living trust is to transfer one's assets to his or her beneficiaries after death. The living trust is usually revocable, meaning a living trust trustor can change or modify it at any time. The living trust trustor is the one who creates the trust, names the beneficiaries, funds the trust with his or her assets, and "owns" the assets in the trust while still living. A living trust trustor may name another as the trustee, who will then manage the trust and its assets, or the trustor can be his or her own trustee. After the death of the living trust trustor, the trust acts as his or her will and the assets in the trust will be transferred to his or her beneficiaries.
Creating a living trust can be a complex and expensive situation. A living trust trustor usually creates the trust and its terms and conditions with the help of an estate lawyer. It is important to understand that the living trust trustor will still own the assets put into the trust while alive, and thus will still be responsible for all of the assets' tax consequences. If the living trust trustor is his or her own trustee, then he or she has full control of the management of the assets in the trust. If another is named the trustee, then the trustee has the responsibility of managing the trust and its assets.
It is essential that a living trust trustor attains the help of an attorney in creating a trust agreement. An estate planning attorney understands the process required in executing a trust and can best advise the trustor on the appropriate course of action for his or her needs. An attorney will ensure that the trust accurately reflects the wishes of the living trust trustor and that the terms of the agreement are clear and accurate.
Attorney Search Network can help you find estate planning lawyers in your area. Contact Attorney Search Network for an estate planning lawyer referral today if you have questions about a living trust trustor.
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