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Redact Revocable Living Trust

Redact Revocable Living Trust

Aug 6th, 2022

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How to Redact Revocable Living Trust

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In this video, estate planning attorney Paul Rabale discusses nine common mistakes people make regarding revocable living trusts. He highlights the popularity of this topic within estate planning, as it generates numerous questions, articles, and videos. The focus on living trusts stems from their ability to simplify the estate settlement process and help avoid probate, or succession, in Louisiana. Rabale emphasizes that the appeal of living trusts extends beyond the wealthy, attracting the middle class who seek to ease the burden on their survivors during estate settlement.

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

What is the disadvantage of a revocable trust?

Some of the Cons of a Revocable Trust Shifting assets into a revocable trust wont save income or estate taxes. No asset protection. Although assets held in an irrevocable trust are generally beyond the docHub of creditors, thats not true with a revocable trust.

How do you dissolve a property trust?

The trust deed may stipulate that a simple resolution will suffice for winding up the trust, but more commonly a new deed is necessary to close the trust and distribute the trust assets. The deed should be drawn up by a solicitor and signatures must be witnessed.

Can a declaration of trust be overturned?

It is designed to safeguard against misunderstandings, disagreements, and people changing their minds, and as such it is not easily changed. That being said, circumstances do change, and if all parties who signed the original document give their consent then the Declaration of Trust can be amended or rewritten.

Who owns the property in a revocable trust?

The trustee is the person who owns the assets in the trust. They have the same powers a person would have to buy, sell and invest their own property. Its the trustees job to run the trust and manage the trust property responsibly.

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