Red Rock Corporate Solutions - Estate Planning
Red Rock Corporate Solutions’ trust company and estate planning attorney services division can help you with every level of estate planning and asset protection. We offer revocable living trusts, trustee management, FLPs or family limited partnerships, supplemental need trusts, life insurance trusts and can help your family to avoid expensive probate costs.
Living Trust Frequently Asked Questions
Why is it called a Revocable Living Trust?
It is "Revocable" because you have the flexibility to change the terms or cancel it at any time.
It is "Living" because the trust is in effect while you are still alive.
It is a "Trust" because it creates a structure where assets are available for your normal use now and will be available for distribution to your beneficiaries upon your death.
What is the proper way to manage the trust?
You manage your trust , unless you are incapacitated. The individual/individuals that structure the trust are called the Grantor. The individual who manages the assets held with in the trust is called the Trustee. The Individuals who receive benefit from the assets inside the trust are called the beneficiaries, which are usually family members. When you create your trust Red Rock Corporate Solutions make sure you (and your spouse, if applicable) are named as Grantor, Primary Trustees. No one can take control and manage the trust until you (both spouses) die. After you (both spouses) die, your named Successor Trustee (usually a child) will take charge and manage the estate.
