Tag Archives: Living Trust

ESTATE PLANNING FOR DIGITAL PROPERTY

Most of us, to some extent, live in a very digital world. We communicate by email or text. We socialize online, seek our entertainment online, manage our assets and finances online, store our photos, music, and other digital property. . .online.  From our health care, to our home security, we are ever increasingly being pulled into the matrix.

But what happens to all of our digital property if we become incapacitated, or when we die? Most people don’t plan for these events. That lack of planning can cause unexpected consequences for the loved ones who are left dealing with our affairs. Continue reading →

Beware of Scams Offering to Set up Your Revocable Living Trust

 

A revocable living trust is a very popular and effective estate planning tool. But consumer protection agencies, like the Wisconsin Bureau of Consumer Protection, caution consumers to be careful shoppers when it comes to establishing a living trust.

What is a Revocable Living Trust?

A trust is a written instrument that designates one or more individuals to manage property for the benefit of others. A trust is revocable if the terms of the instrument allow you to change or terminate the trust during your lifetime, provided that you are competent to do so. A trust is living if you establish it during your lifetime.

There are three parties to a trust. The settlor is the person who creates the trust. The trustee is the person who is designated to manage the trust and its property. The beneficiaries are the individuals who are entitled to receive the income and assets of the trust as directed in the trust instrument. For many people who establish a revocable living trust, they serve all three of these roles during their lifetime and competency. Continue reading →