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Trust Terms

Trust Terms

Please read: 

The rise and fall of Patricia Kulge: https://www.forbes.com/2011/03/10/patricia-kluge-lifestyle-billionairebankruptcy-estate.html#31bcbf52e528

Trust Info.:

Note: The operative word in the statement below is "Scenario". Do your research.

Irrevocable Living Trust: "Scenario" - Update:

Grantor (You)

Beneficiary (You)

Trustee (You)

Successor Trustee (Someone Else)/If anything happens to you, the Trustee.

Meaning: A living trust is a fiduciary relationship created during an individual's lifetime where a designated person, the trustee, is given responsibility for managing that individual's assets for the benefit of the eventual beneficiary.

Definition - Living Trust: https://www.investopedia.com/terms/l/living-trust.asp

About Trusts: https://www.wellsfargo.com/mortgage/learning/what-is-an-escrow-account-video/

You have to decide - Irrevocable or Revocable:

 

***What is a Living Trust: https://youtu.be/BIRjD37FvDg

***If you have a Revocable Living Trust: https://youtu.be/HQBax2KGoFI

***Irrevocable Trust: https://youtu.be/-M0WQ0e7awg

***Revocable vs. Irrevocable Trust: https://youtu.be/6TydGBjMTOU

***What is a Trust and What kind of Trust do I need?: https://youtu.be/VDbGbGjWz-Q

***Using Irrevocable Trust to Protect Assets: https://youtu.be/AVaqVNv2DnA

***Wills vs. Living Trust:  https://youtu.be/QoLboFf1nxw

***Sure you want a Revocable Trust: https://youtu.be/L-0sZV-nONY

*** Sample Self-Draw plan for a Revocable Living Trust: https://www.smartdraw.com/transfer-ofassets/examples/sample-plan-for-a-revocable-living-trust/


 

***Full Color Flow Chart of Living Trust: https://ultimateestateplanner.com/products/living-trust-full-color-flowcharts/

CATA - Custodial Agency Trust Account:

A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary.

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