Revocable Living Trusts
There are many types of trusts, some of them revocable and others irrevocable. In addition, some trusts are created while a person is alive (living or inter vivos trusts) while others are created upon a person's death as set forth in that person's Will or
revocable living trust (testamentary or continuing trusts). Trusts that provide for a testamentary disposition of assets, including both revocable and irrevocable trusts, must be signed with the same formalities as required for a Will, as discussed earlier in these materials, in order for the testamentary disposition in the trust to be valid.
The revocable living trust has many utilities. They include avoiding probate administration, avoiding guardianship administration of the property of an incapacitated person, providing for professional investment management and providing for control and management of the trust after the death of the creator (grantor) for the benefit of minors, incapacitated beneficiaries, spendthrifts, beneficiaries having a drug or alcohol dependency and spouses of second marriages.
A revocable living trust generally will not, however, protect the assets owned by the trust from judgment creditors of the grantor. A revocable living trust is a separate legal entity that is created by a written agreement between the grantor (the person who creates the trust) and the trustee (the person who manages the assets in the trust). Under Nevada law, an individual can be both the grantor and the trustee. The trustee manages the assets comprising the trust estate for the benefit of one or more individuals called beneficiaries. The grantor can also be the initial beneficiary as well as the trustee.
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