Can a revocable trust be set up for elderly parents?

When you are establishing a living trust for elderly parents, it is important to consider what type would work best for their situation and needs. A revocable trust allows the grantor to revise or revoke the terms of the trust at any time without any consent from its beneficiaries.

What happens to a revocable trust when the owner dies?

When they pass away, the assets are distributed to beneficiaries, or the individuals they have chosen to receive their assets. A settlor can change or terminate a revocable trust during their lifetime. Generally, once they die, it becomes irrevocable and is no longer modifiable. In the legal agreement, the settlor names a successor trustee.

Can a parent change the terms of a trust?

Some family trusts do indeed leave everything in a revocable trust for the benefit of the surviving spouse. If that’s what your parents did, then, yes, your mother is free to change the terms of that trust and she is free to give things away during her lifetime as well because the trust assets are all hers.

Can you get a copy of your parents trust?

Then it all depends on whether your mom or dad is still alive, and whether you are a beneficiary of the Trust. For starters, if your parents create a revocable, living Trust during their lifetimes and they are still alive, then you have no right to obtain a copy of their Trust.

What happens to a revocable living trust when the grantor dies?

A revocable living trust is a legal entity that holds a trustmaker’s property so probate of that property isn’t necessary when the trustmaker—sometimes called the grantor—dies. A deceased individual can’t own property, so probate becomes necessary to move assets from the decedent’s ownership into the names of living beneficiaries upon death.

Can a trust be set up after a parent dies?

So, here’s a not very satisfying answer: MAYBE. It all depends on what your parents set up before your father died. Some family trusts do indeed leave everything in a revocable trust for the benefit of the surviving spouse.

Can a mother change the terms of a trust?

Dear Liza: My father died several years ago, after my mother passes the children inherit equally per both their wills and the Family Trust. Can my mother change the terms of the trust now?

Can a revocable trust be revoked by a grantor?

Having a revocable trust offers an added layer of protection for your parents as it makes it difficult to mismanage the monies of your parent by a family member that is not the trustee. It can also be revoked in court if the grantor objects or your parent is unable to control their assets at any time.

Can a family member challenge a living trust?

As a result, the person you left out of your will may be motivated by shame and embarrassment to challenge your decision. A well-done living trust on the other hand, is a totally private document. Also, in most states, only the beneficiaries of a trust can challenge its provisions.

Can a revocable trust be used for a step parent?

And there are many great ways in which revocable Trusts can be used to provide for the step-parent’s care and then leave the remaining assets to the children. If an estate plan is not in place, however, or if there is a Trust that was not properly created, then problems arise.

Without it, when the grantor dies, the trust is irrelevant (because nothing is in it). Finn establishes a revocable living trust with his attorney. He puts his brokerage account in the trust by retitling it with the help of his financial advisor.

How does a trust work when a parent dies?

The Trust would have provisions that would (1) give you assets immediately upon a parent’s death, (2) create a subtrust that benefits the stepparent during his or her lifetime and then gives you the assets, or (3) a combination of both.

What happens to a revocable living trust after death?

A deceased individual can’t own property, so probate becomes necessary to move assets from the decedent’s ownership into the names of living beneficiaries upon death. But the revocable living trust owns the grantor’s assets, and the trust doesn’t die.

Who are co trustees of revocable living trust?

Some grantors name two or more individuals to act as co-trustees should they die or become incapacitated. This can necessarily complicate things and result in delays, particularly when the trust’s formation documents require that all trustees agree before any action can be taken.

Can a living revocable trust be used to avoid probate?

Assuming you are using your living revocable trust to avoid probate, the assets (which require your signature to transfer or sell) need to be “owned” by the trust. This includes checking and savings accounts, plus safe deposit boxes.

How to settle a revocable trust after a trustee dies?

If you leave anything out, then the revocable trust may not be settled. A People’s Choice can help you navigate the sometimes complicated process of how to settle a revocable trust after the trustee’s death. Contact us to find out how we can help.

Can a trust be split after the death of the first parent?

Finally, if your will or living trust has a provision to “split” the estate upon the death of the first parent (sometimes called a “bypass trust” or an “AB Trust”), then the spouses will want to include a “Power of Appointment.”

When do you need to create an irrevocable trust?

The only three times you might want to consider creating an irrevocable trust is when you want to (1) minimize estate taxes, (2) become eligible for government programs, or (3) protect your assets from your creditors. If none of these applies, you should not have one. Whether they are revocable or irrevocable, all trusts have three parties:

Can a trust be named for someone else?

You can name someone else as trustee, but you do so at your own peril. Usually trusts provide that someone else takes over only if the owner is not competent to handle his or her assets, or has passed away. You would essentially be signing over control of your assets to someone else while you are still living.

Who is the trustee of the Smith Family Trust?

The title of the trust accounts and real estate would be “John H. Smith, Trustee of the Smith Family Trust.” Do I Need to Include the Word “Family” in My Trust?

What should be the name of an irrevocable trust?

The typical naming convention for an irrevocable trust includes the name of the grantor, the date the trust was created, and the name and designation of the trustee.

When does an irrevocable trust need a tin?

A valid non-grantor-type trust requires a TIN in the name of the trust entity. The trustee will need a new EIN or TIN if a revocable trust changes to an irrevocable trust (for example, at the death of the grantor).

Can a trustee of an irrevocable trust surcharge you?

Trustees of Irrevocable Trusts owe beneficiaries a fiduciary duty. If the beneficiaries believe that any action taken by the Trustee has harmed them, they are free to petition the court to review any and all actions seeking to surcharge the Trustee. If surcharged, the Trustee must pay the damages from the Trustee’s funds.

Can a grantor cancel a revocable trust?

As stated above, grantors can modify or cancel revocable trusts. However, upon the death of one spouse, the trust agreement might limit this power. For instance, in a situation in which one spouse has children from a previous relationship, some trust assets might immediately go to those children.

Can a child be a co trustee in a revocable living trust?

Revocable Living Trust, More Options! Revocable Living Trusts are trusts created during your life into which you place your property. Generally, they are designed to avoid probate, but can also help a parent in need of a child’s assistance. The child can be made a co-trustee along with the parent.

When to create an irrevocable trust for a child?

Very often, a parent or grandparent will create an Irrevocable Trust for the benefit of a child or grandchild. The parent or grandparent may want to make a gift but does not want the beneficiary to have unlimited access to the gifted funds.

Dear Liza: My father died several years ago, after my mother passes the children inherit equally per both their wills and the Family Trust. Can my mother change the terms of the trust now?

Can a revocable living trust be revoked at any time?

One of the most attractive features of a revocable living trust is its flexibility: You can change its terms, or end it altogether, at any time. If you created a shared trust with your spouse, either of you can revoke it.

Can a trust be revocable after the death of a parent?

With the death of your father, the question now is whether the trust (a) is still revocable and (b) contains money that was originally your mother’s. For purposes of determining the trust’s revocability, we can ignore the fact that your mother may not be mentally able to revoke the trust.

Can a trust be used for both parents?

While your parents were both living the trust was probably revocable and for their joint benefit; it almost certainly could use one or the other parent’s Social Security Number as its TIN. With the death of your father, the question now is whether the trust (a) is still revocable and (b) contains money that was originally your mother’s.

Who is the sole grantor of a revocable trust?

Upon the death of the first spouse—also known as the decedent spouse—the surviving spouse generally becomes the sole grantor/trustee and continues to manage the trust based on its terms.

Can a living trust be changed at any time?

Like a will, a living trust can be altered whenever you wish. One of the most attractive features of a revocable living trust is its flexibility: You can change its terms, or end it altogether, at any time.

What happens to the property in a revocable living trust?

The Trust Document. The document must list the property in the trust, name a trustee, and name who gets the property when the trust maker dies. The trustee is the person who will take care of the property. While the trust maker is alive, the trustee is usually the trust maker and then a successor trustee takes over after the trust maker’s death.

Can a grantor set up a living trust?

These living trusts for elderly parents are often set up to help them manage their money as they become older, or their health is deteriorating. With a living trust, a grantor is used to create the trust and put all the assets in place under the trust.

Can a trust be revocable in a living trust?

A living trust is revocable. That means that even though the trustor transfers assets to a living trust, the trustor can get his or her property back by revoking the trust. In most living trusts created in the United States, the trustor, trustee and beneficiary are all the same person.

What kind of trust should I set up for my parents?

There are several types of trusts to consider for your parents including: 1 Testamentary Trusts 2 Irrevocable Living Trusts 3 Revocable Living Trusts More …

What happens to power of attorney in living revocable trust?

If the trust doesn’t allow that, we could amend the trust since both parents are still alive. When a parent dies, the power of attorney will instantly become void upon their death. The trust will survive their death. Usually, the trust automatically names a successor trustee to take over upon a death.

What are the pros and cons of revocable living trust?

A revocable living trust gives the family one less problem to face when someone becomes incapacitated. If the trust is set up as an individual trust, then the trustee can take over and manage the assets. If the trust is owned by a married couple, then the second spouse will usually step in as the acting trustee.

Can a revocable trust be named as a beneficiary?

Revocable living trusts are commonly referred to as revocable trusts or living trusts. After you create the trust, you can transfer assets into the trust and name the trust as the beneficiary of life insurance policies or other assets.

What can a living trust do for an elderly parent?

A living trust is a legal documentation of how to handle your parents’ finances and assets. These living trusts for elderly parents are often set up to help them manage their money as they become older, or their health is deteriorating. With a living trust, a grantor is used to create the trust and put all the assets in place under the trust.

What happens to a revocable trust when you get remarried?

Revocable Trust A revocable trust allows the grantor to change the terms any time he wants. As a result, when he gets remarried, he can add his spouse as a beneficiary. This can typically be done in one of two ways.

Can a revocable living trust be used for probate?

Revocable Living Trusts Avoid Probate. Most people use living trusts to avoid probate. Probate is the court-supervised process of wrapping up a person’s estate. Probate can be expensive, time consuming, and is often more of a burden than a help. Property left through a living trust can pass to beneficiaries without probate.

Is it possible to restate a living trust?

You’ve already transferred property to the trust; you don’t want to revoke the trust, create a new one, and transfer the property all over again. That involves expense and hassle. But adding amendments to an existing document can cause confusion. The solution is to “restate” the living trust document.

Why did Molly’s mother change her living trust?

Molly might believe that her brother, Steven, convinced her mother to change her trust to remove Molly as a beneficiary. Molly must prove that Steven unfairly influenced their mother.

What happens to a revocable trust when the settlor dies?

A settlor can change or terminate a revocable trust during their lifetime. Generally, once they die, it becomes irrevocable and is no longer modifiable. In the legal agreement, the settlor names a successor trustee.

Who is responsible for a revocable family trust?

With a revocable family trust, you can act as your own trustee, naming successor trustees to take over the reins if you become incapacitated or pass away. With an irrevocable trust, you’d have to name someone else to act as the trustee. For reference, the table below briefly compares the advantages of common types of trusts:

What kind of trust does my dad have?

Mom and Dad set up an irrevocable trust years ago (Bill Clinton was on his first term) and put land and some other assets in the trust. Are the assets in the trust safe? Dad has a revocable trust (although the front page says it is a “living trust”) he set-up several years ago. How will Medicaid treat that trust?

When does an asset not count in a revocable trust?

If an asset does not count because it was not available to the applicant at his option, then it certainly will not be available for estate recovery when the applicant dies. This part actually does make sense. Assets in a revocable trust will be wholly available for estate recovery the same as if there was no trust.

Who is the sole controller of a revocable trust?

A revocable trust allows the grantor to revise or revoke the terms of the trust at any time without any consent from its beneficiaries. The grantor is the sole controller of the trust allowing for a successor, if necessary.

How did my father and stepmother’s joint trust work?

Or: “Our father and stepmother had a joint trust leaving everything to all of their children — my siblings and my step-siblings — when the second one of them died. After my father’s death, my stepmother changed the trust to go only to her children.

Can a trust be established after a father dies?

In California, where I practice, state law requires that you and your siblings would have to be notified after your father died if such an irrevocable trust was established upon his death. Notice requirements differ from state to state, however. Best to find out what your state requires.

Can a California Trust be revocable after the first spouse dies?

In more recent years, California Trusts have been drafted so they remain revocable after the first spouse dies because of changes to U.S. Estate Tax laws. Although, there are still many good reasons to have an irrevocable portion to protect assets from the children (but that’s a topic for a different post).

What do you need to know about revocable living trust?

She is an expert in personal financial planning and practices as a financial therapist. A revocable living trust is a legal document that names beneficiaries, creates trustees to act in your interest, and dictates how you’d like your assets divided if you’re incapacitated or otherwise unable to make decisions.

How does a revocable living trust protect assets?

The grantor who serves as trustee and beneficiary of the trust names and authorizes a successor trustee to dispose of the trust’s assets if she dies or is incapacitated. The revocable living trust provides another layer of asset protection since it becomes irrevocable when the grantor dies or becomes incapacitated.

How does a revocable trust work for Medicaid?

If a trust is something like a bag to store assets in, then think of a revocable trust as a nylon mesh beach bag. Medicaid can see everything in it, and if assets are otherwise countable the trust doesn’t make any difference.

Can a living trust include a new spouse?

If a living trust does not include a new spouse, she may be able to claim a share of the trust’s assets when the trust creator dies. Under the principle of “elective share,” a surviving spouse may claim a percentage of the deceased’s estate regardless of whether it was granted in a will.

How old do you have to be to remarry as a widow?

After age 60, the widow can remarry and retain access to Survivor Benefits. This rule applies the same way for a “widow” who was divorced from the decedent, as long as she was married to the ex-spouse for at least 9 months.

Can a trust be changed to exclude a former spouse?

You can change your trust to eliminate a former spouse and name your present spouse as the new beneficiary. If you and your former spouse are both co-grantors, your former spouse may not agree with your decision to eliminate him as a beneficiary. You may have to bring the matter before a judge to resolve the dispute.

What happens when the creator of a trust remarries?

If the creator of the trust remarries, the terms of the trust generally do not change automatically. However, many times the trust can be altered to include a new spouse as a beneficiary to the trust. A trust agreement defines the terms of the trust.

Who is the creator of a revocable living trust?

The creator of a revocable living trust is typically referred to as the “grantor,” and in most cases the grantor will also serve as trustee, managing the trust and the assets it holds.

Do you have to pay taxes on a revocable trust?

While a trust may avoid probate and other such entanglements, it will not avoid taxes on an estate or income associated with the trust property in any way. Note that while another name for a revocable trust is a “living trust,” this is not the same as a living will and should not be confused with it. Consider adding real estate.

What does a revocable living trust do for You?

A Revocable Living Trust is an estate planning tool that designates who will receive your property when you pass away. The term “revocable” means that a trust can be amended or revoked at any time by its creator, and assets can be added or removed from the trust as needed.

When does a living trust come into existence?

Creating a Living Trust A living trust is created when a person (called the settlor) transfers the title of assets such as cash or other investments to a trustee.The trust actually comes into existence with the signing of a legal document referred to as a trust agreement and the transfer of at least one asset to the trustee.The trust

Is the revocable living trust the same as a living trust?

The term revocable living trust and living trust are one and the same. The terms are used interchangeably, but when I refer to a revocable trust or a living trust, I am referring to the revocable living trust. What is a Revocable Living Trust? A Florida revocable living trust is a legal fiction.

What are the requirements for a Florida revocable living trust?

Requirements of a Florida Revocable Living Trust. 1 You must have capacity to create the trust; 2 You must indicate an intent to create a trust; 3 The trust must have definite beneficiary; 4 The trustee must have duties to perform; and. 5 The same person is not the sole trustee and sole beneficiary.

There are several types of trusts to consider for your parents including: 1 Testamentary Trusts 2 Irrevocable Living Trusts 3 Revocable Living Trusts More

How old does a child have to be to have a trust?

If you prefer the child to be older before taking control of the assets, the trust can continue up to the age of 25. An ‘age 18 to 25 trust’ is a trust created by a parent or step-parent in their will, in which the trust property is held for a child under twenty-five, who will become absolutely entitled to it on or before their 25th birthday.

When to distribute from a trust with age provisions?

Principal distributions: Sometimes, money is held in trust for a beneficiary whom the grantor may not feel is mature enough to handle large sums at the time the trust is created. Therefore, the principal distributes to that beneficiary as he or she attains certain ages.

What happens to a trust when the grantor dies?

The trust may be left intact after the grantor’s death to care for a surviving spouse. The revocable living trust, which the grantor can revise or revoke at any time without permission of the beneficiary, lets the grantor retain control of her assets. The grantor may serve as trustee or appoint a trustee.

Can a revocable living trust be used as a will?

With both wills and revocable living trusts you can: revise your document as your circumstances or wishes change. With a trust, not a will, you can: keep your document private after death. With a will, not a trust, you can:

Can You Make your own revocable living trust?

If you have a fairly straightforward situation and you are willing to do the work, you can make your own revocable living trust. However, some situations warrant seeing a lawyer for help.

How do you restate a living trust document?

The solution is to “restate” the living trust document. In other words, you create an entirely new trust document–but you don’t revoke the original one, you just restate it with some changes. That lets you keep the original date of the trust and means that you don’t have to do anything with property that’s already held in the trust.

How does a trust protect an elderly person’s assets?

These trusts protect the elderly person from having to dispose of his assets to qualify for Medicaid or nursing-home care. A trust attorney can decide how to set up the trust, including the transfer of assets based on Medicaid rules.

When does a revocable living trust end after death?

While a simple Revocable Living Trust generally ends once your assets are distributed after your death, a Gun Trust can be designed to last for multiple generations, and it must take federal and state gun laws into account.

What happens to the assets in a trust when the grantor dies?

Upon the grantor’s death, the assets in the trust are generally not considered part of his or her estate and are therefore not subject to estate taxes.

How do you become a successor trustee of a trust?

If you’re the successor trustee, you must obtain certified copies of the death certificate and prepare an affidavit of death of a trustee, affidavit of duties, or other similarly named document to prove you’re the successor trustee. The affidavit, along with certified copies of the death certificate, allows you access to the trust’s property.

Who is the successor trustee in a trust?

In the trust document, she names her sister as her successor trustee. Five years later, she wants to name her brother as successor trustee instead.

Can a co trustee be appointed to a living revocable trust?

The trust’s assets do not belong to his parents, so the power of attorney will not allow him to govern those assets. If they want your son to deal with the trust’s assets they will have to make him a co-trustee. They can do that, assuming the trust allows them to appoint a co-trustee.

Who is in charge of settling a revocable living trust?

Most people have little experience being named as the successor Trustee in charge of settling their loved one’s Revocable Living Trust after the loved one’s death. The purpose of this guide is to provide a general overview of the six steps required to settle and then terminate a Revocable Living Trust after the Trustmaker dies.

Can a settlor change the revocable living trust?

Since you created a revocable living trust, however, you have the ability, as the Settlor, to modify the trust at any time. Therefore, you don’t have to worry about that hurdle. The next step in making a change to your revocable living trust is deciding how you wish to go about making that change.

What are the advantages of a revocable living trust?

A revocable living trust can also give your loved ones almost immediate access to cash during a difficult time. 4 Your loved ones are typically unable to gain access to your bank account until a probate estate has been officially opened. Ask yourself how they’ll pay for funeral costs and other necessary expenses until this time.

How long does it take to open a revocable living trust?

Opening a probate estate can take several weeks. Revocable living trusts aren’t just about death. They can allow your loved ones avoid both a costly court-supervised guardianship if you become disabled as well as a costly court-supervised probate proceeding after you die.

What are the assets of a revocable living trust?

At the most basic level, a revocable living trust, also known simply as a revocable trust, is a written document that determines how your assets will be handled after you die. Assets can include real estate, valuable possessions, bank accounts and investments.

Do you need a lawyer to make a revocable living trust?

Do You Need A Lawyer to Make a Trust? You do not have to be a lawyer to make a living trust. If you have a fairly straightforward situation and you are willing to do the work, you can make your own revocable living trust. However, some situations warrant seeing a lawyer for help.

Can a revocable trust be changed at any time?

A revocable trust is a flexible legal entity/financial structure that allows the individual who creates it, known as the grantor, to change, remove or alter the trust assets— or, in fact, amend the trust itself or its beneficiaries—at any point during his or her lifetime.

When to revisit your living trust and will?

Any of the life-changing events mentioned above can have a direct impact on your last will and testament. Unfortunately, if you leave assets outside of your living trust, it will have to go through the probate process after your death. Ultimately, you should never go prolonged periods of time without revisiting your estate plan.

How does an irrevocable Medicaid trust help an elderly person?

The irrevocable Medicaid trust provides income for the elderly person or his spouse, protects certain assets from seizure to pay bills and allows the elderly person to keep his home and some of his other assets and still qualify for Medicaid.

Who is the grantor of a revocable trust?

It’s a private contract between you as the “trustmaker” or “grantor” and the trust entity. In most cases, the grantor serves as the trustee of his own revocable living trust, managing the property placed within it during his lifetime.

A Revocable Living Trust is a document, similar to a will, that allows someone to direct how and to whom they want their assets given upon death. One advantage of a trust is that the parent can, while living, specify who they want to receive their property upon death.

Can a bank account be put into a living revocable trust?

Putting Bank Accounts into Your Living Revocable Trust Assuming you are using your living revocable trust to avoid probate, the assets (which require your signature to transfer or sell) need to be “owned” by the trust. This includes checking and savings accounts, plus safe deposit boxes. Putting a Bank Account into a Living Revocable Trust

Can a trustee of a revocable trust pay the mortgage?

Paying the Necessary Bills. While you’re alive, you serve as trustee of your own revocable trust. If you put a house into the trust, you can pay the mortgage from any bank account.

Is there a way to create a revocable trust?

How to Create a Revocable Trust. To create this type of trust, you should identify the property you want to transfer. Then you need to draft a trust document, in which you explain who should receive the property when you die. If you have questions, consult a qualified trusts and estates attorney.

How did the irrevocable trust sell the family home?

Our Mother died and the Irrevocable Trust sold our family home that it has owned for 14 years. Proceeds were distributed to benefactors who pays the taxes on the income? Assuming that your mother had a trust into which she had put the family home fourteen years ago.

How does revocable living trust affect inherited basis?

Revocable living trusts do not prevent you from receiving a full stepped up basis. The original purchase price doesn’t go into the inherited basis calculation. September 14, 2019 5:25 PM How do I determine the cost basis of the home inherited from parents who each had a revocable living trust that includes the home?

What happens to a house if a trust dissolves?

This means that although the home technically belongs to the trust, you have the ability to take back the property at any time. If you dissolve the trust, then you must file a new deed at the county courthouse that lists you, rather than the trust, as the property owner.

What happens when your house is placed in a revocable trust?

Because you retain control over assets placed in your revocable trust, any equity in your house will count toward your estate’s total value when determining whether it’s large enough to be liable for estate taxes.

What happens to my father’s house if I put it in trust?

If the house is in trust at the time of your father’s death, you and your brother will become the owners of the house and will get a step-up in basis. This will likely avoid significant capital gains taxes when you sell the house.

Who are the trustees of a revocable living trust?

HELP FOR TRUSTEES UNDER A REVOCABLE LIVING TRUST 7. There are three roles under a revocable living trust. § The person who makes the trust may be called the settlor, grantor or trustor. § The person who makes decisions about the money or property in the revocable living trust is called the trustee.

A “revocable” trust is one that may be changed or rescinded by the person who created it. Medicaid considers the principal of such trusts (that is, the funds that make up the trust) to be assets that are countable in determining Medicaid eligibility.

Can a living grantor remove assets from a revocable trust?

Revocable trusts let the living grantor change instructions, remove assets, or terminate the trust. Irrevocable trusts cannot be changed; assets placed inside them cannot be removed by anyone for any reason.

Can a revocable trust protect your assets from Medicaid?

A revocable trust is one where you still have access to your assets and still retain control to change or cancel provisions of the trust. Medicaid will see this kind of trust as a countable asset. An irrevocable trust, on the other hand, is one where someone else, a designated trustee, takes the reins.

When to use an irrevocable trust to protect assets?

How Irrevocable Trusts Protect Assets. Irrevocable Trusts are often established in order to protect assets when the beneficiary is under 18 years old, a person with a disability, or a financially irresponsible adult.

When to use an irrevocable trust for long term care?

However, using an irrevocable trust can be one of those situations where the “cure” is sometimes worse than the disease. Here are five reasons to tread carefully when considering transferring assets to an irrevocable trust for long-term care protection purposes. For married couples, there are better ways to protect assets.

Can a Medicaid Trust be placed into an irrevocable trust?

By placing assets into an irrevocable trust, a person can qualify for Medicaid and still preserve a portion of their assets for loved ones. Medicaid imposes a five-year “look back” period, where any money transferred into a trust five years before a person applies for Medicaid may delay the benefits from kicking in.

Can a trustee touch the assets of an irrevocable trust?

An irrevocable trust, on the other hand, is one where someone else, a designated trustee, takes the reins. You cannot touch the assets or amend provisions for the trust in any way. The trustee is not required to distribute any assets to you, even for the purposes of health care.

Do you need a will or a living trust?

Here are some factors to consider when deciding if you need a Revocable Living Trust instead of just a will . Regardless of your net worth, and particularly if any of your assets are titled in your sole name, then you should consider a Revocable Living Trust for mental disability planning.