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A living trust is a legal written document, similar to a Will, which will transfer a person's assets to their beneficiaries when they die. A living trust grantor is the person who creates the trust and is responsible for funding the trust with his or her assets. The living trust grantor decides what assets to put into the trust and who the beneficiaries will be. He or she can also change or modify the trust at any point while he or she is living.
After transferring a trust to a trustee, the living trust grantor no longer owns the assets in the trust, but will still have full control over them. The living trust grantor may be his or her own trustee, or may assign another name as the trustee. The grantor is still responsible for all IRS taxes on the assets in the trust since he or she still retains the rights to those assets.
There may be instances when the living trust grantor wishes to direct the assets in the trust in a way that conflicts with the original terms of the trust. If a third party has been named as a trust protector, then only he or she has the right to amend the trust and make changes in these situations.
Living trusts are not under court supervision and may be very expensive to prepare. If you plan to execute a trust and become a living trust grantor, it is wise to seek the council of an estate planning attorney. An experienced attorney can help a grantor manage his or her assets, decide on the terms and conditions of the trust, transfer the trust, fund the trust, and so forth. If you are already a living trust grantor and need assistance with your trust, an attorney can provide the best help possible to satisfy your needs.
Attorney Search Network can help you find estate planning lawyers in your area. Contact Attorney Search Network for an estate planning lawyer referral today if you have questions about a living trust grantor.
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