Nowadays for a large number of individuals, an estate plan needs to be more complex in order to properly handle their administration and distribution needs properly. For such situations, a trust arrangement may be the easiest and most cost-effective way to get the job done. You may head to Ventura irrevocable trust lawyers if you need to know more about irrevocable trust.
Living trusts are established when a person is alive and testamentary trusts are detailed as part of our Last Will and Testament. Then they are established upon the death of a person as part of the administration of our Will. Either way, trusts can become very specific in many ways which allow the trust grantor and trustees to handle a wide variety of issues.
There are certain factors that we need to consider if we believe a trust arrangement that will be necessary to handle your financial affairs in the event that something should happen to you. These factors are as follows:
1) Living Versus Testamentary
The first issue to consider is whether you feel the need to give your trust a trial run while you are alive.
For a living trust, you can be your own trustee while you are alive and healthy.
3) Trust Funding
A trust can be in existence, but it really is ineffective until it is funded.
4) Beneficiary Provisions
With a living trust, it remains revocable as long as you are alive, unless you have chosen otherwise.