Planning Real Estate

The Latin phrase is baffling to most yet to lawyers and legal experts, it simply means the guarantor trust or the all versatile revocable living will. It is a document similar to a “last will and testament“ but it is formulated and executed while you are still alive, execution of such is done without the involvement of the legal system. It allows you to assign your assets in trust to your preferred administrator, automatically endowing them onto your beneficiaries upon death. It is called a revocable will for you can change or revise the provisions of the document should you see it fit all throughout your life, the provisions of which become irrevocable upon your death. The trustee is the person who would manage or take control of your estate and other affairs should you expire.
Most people however forget the fact that a living trust does not and cannot replace a will in totallity. The will is legally called the pour over will which involves all other assets that were not identified or discussed in the living trust. This area needs the expertise of estate planners who are lawyers versed in such matters. Though the courts have no control over a living trust, the provisions should concur with relevant laws and standards dictated by the legal system. The process of overseeing the process of transfer of your assets as stated in your will is then handled by a special court called a probate, which would be discussed in coming posts.