On Apr 27, 11:45 am, twendzin...@[EMAIL PROTECTED]
wrote:
> My father has established a revocable trust in his name. Is there an
> advantage to transferring owner****p of his assets to the trust over
> leaving the him as the owner and naming the trust as the beneficiary?
> The latter seems to be less work.
There is no reason to have a revocable trust if he doesn't transfer
his assets to it. He might as well have written a will that
establishes a testamentary trust.
The advantage of transfering the assets to the trust are several. The
most im****tant is that it is easy to change the trustee if he should
become unable to manage his affairs. This happened to my mother, who
has dementia. She had a trust containing all of her assets, and was
able simply to resign as trustee to have the successor trustee take
over the management of her affairs when she was not able to manage her
business herself. Without a trust, my brother and I would have had to
take her to court and have her declared incompetent, which would have
humiliated her. Furthermore, the court might have ordered either a
court appointed conservator or extensive re****ting to the court of the
management of her affairs. Anyway, the trustee was able to sell her
house and car after she moved into an assisted living facility.
Dave
--------------------------------------
Misc.invest.financial-plan is a moderated newsgroup where Moderators
strive
to keep the conversations on-topic for financial planning. Other posting
guidelines include a request for brevity and another for trimming posts to
which we respond. For all of the other tips and suggestions, see "FROM
THE
MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on
the
Newsgroup.
|
