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One of the most common estate planning trust instruments that an attorney prepares is the Living Trust. A trust may be revocable or irrevocable. A revocable living trust can be amended or revoked. On the other hand, an irrevocable living trust cannot be modified, amended or revoked. Therefore, consulting with an attorney to prepare a living trust is highly essential to ensure asset protection.
There are usually at least three parties to the trust instrument: a settlor or grantor, the trustee, and the beneficiary. The settlor or grantor is the person who forms the trust and funds the trust with the property. The trustee holds a fiduciary duty to administer the trust property for the beneficiaries in accordance to the trust’s terms. The trustee may be you, your spouse, a close relative, a bank, or trust company. The beneficiaries are the individuals, universities or charitable organizations designated in the Living Trust that receive a benefit from the trust.
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