A Trust is an agreement with three parties: the Trustmakers, the Trustees (or Trust Managers), and the Trust Beneficiaries.
In some cases, a husband and wife may name themselves as all three parties when they create their Trust, manage all the assets transferred to the Trust, and have full use and enjoyment of all the Trust assets as beneficiaries.
Further “back-up” managers can step in under the terms of the Trust to manage the assets should the couple become incapacitated or die. Special provisions in the Trust also control the management and distribution of assets to heirs in the event of the Trustmaker’s death.
With proper planning, the couple also can avoid or eliminate death taxes on their estate. The Revocable Living Trust may allow them to accomplish all of this outside of any court proceeding.
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