Replay
Hello Richard,
Thank you for your post on the revocable type of trust as your choice of trust. This type of trust possesses a variety of benefits. It can offer a mechanism that is pre-arranged which will ascertain the continuous management together with the preservation of one’s assets if one becomes disabled (Feder & Sitkoff, 2016). Similarly, it can as well set forth all the dispositive provisions of a person’s estate plan.
You have, however, mentioned something on the Revocable Trust allowing the change of Beneficiaries, trustees by the Grantor. How exactly does it do that? What are some of the drawbacks associated with this type of trust? What are some of how this Revocable Trust differs from the irrevocable trust?
Otherwise, I agree that a Trust, in general, is necessary for Estate planning and property management (McCouch, G. M. (2018). The availability of either a Certified Financial Planner (CFP) or a Certified Public Accountant will surely assist in making better trust choices and estate planning processes.
References
Feder, D. J., & Sitkoff, R. H. (2016). Revocable Trusts and Incapacity Planning: More than Just a Will Substitute. Elder LJ, 24, 1.
McCouch, G. M. (2018). Revocable Trusts and Fiduciary Accountability. Elder LJ, 26, 1.