This article regarding revocable living trusts by Michigan lawyer Nicole Wipp and the Family & Aging Law Center PLLC is not, and should not be construed as, legal advice. It is for general informational purposes only. To better understand how this legal concept can be applied to you, consult with an attorney.

REVOCABLE LIVING TRUSTS...

The Facts...

A trust is a contract between the Grantor (the person who creates the trust), the Trustee (one who controls the trust) and the beneficiaries (those entitled to benefit from the trust).

You, as Grantor, determine how the trust will be operated by the Trustee and who benefits, how and when. You can create a trust that permits you to be Trustee and give you the right to receive full benefits from it. This type of trust is often used as a substitute to your Will.  

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A revocable living trust permits you to keep total...

Revocable Living Trusts (Part 2) with Nicole Wipp

This is Part 2 of a two-part series on Revocable Living Trusts. To listen to Part 1, Click Here.

Options

When it comes to revocable living trusts, people often don’t know the options that they may be able to include to protect loved ones.  When given these options, however, many people definitely want them!  Know the different types of options you can have to help those you love and help ensure your money goes to who you want, when you want, in the way you want.

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The information in this podcast is not intended to be, nor should it be, construed as legal advice. It is for informational purposes only. For advice, specific to your situation, consult with a qualified attorney.

Revocable Living Trusts (Part 1) With Nicole Wipp

How Do Revocable Living Trusts Work?

In this episode, host Nicole Wipp discusses what a “RLT” is and the importance of “funding your trust” – a commonly missed step.

You will learn:

• What the primary purposes of revocable living trusts are
• What a revocable living trust does NOT do for you
• Common misunderstandings as to how this trust works
• What trust funding is and why it is critically important

This is Part 1 of a two-part series on Revocable Living Trusts. To listen to Part 2, click here.

Be a SMART PLANNER!

Contact Us Today at (248) 278-1511. We Can Help.

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The information in this podcast is not intended to be, nor should it be, construed as legal advice. It is for informational purposes only. For advice, specific to your situation, consult with a qualified attorney.

Q: What Is a Revocable Living Trust?

A: To explain revocable living trusts, or RLT’s, I like to use an analogy. Let’s say you’re a child, and have a little red wagon. You take your Barbies, your G.I. Joes, your toy cars, and you put all of them in your wagon. If you’re walking along the sidewalk and trip and fall, what happens? Well, you trip and fall...but your toys stay in your wagon. The wagon serves a purpose. It keeps things together, so that if something happens, the handle can be picked up by someone else and they can just keep walking. The RLT is the same. Like the wagon, it is a vessel, meant to hold your items in a way that provides the easiest transfer upon disability or death. However, just like the wagon, if you don’t put your “toys” (accounts, real estate, etc.) inside your trust, it doesn’t work in the way it was intended. Also, the trust, just like the wagon, doesn’t change your things. If I put my Barbie inside...