If you don`t use your revocable life because of ignorance, laziness or stupidity, you should probably only have a will confidence and not dream of avoiding succession. The argument in favour of will trusts is based on keeping the public ignorant. The solution to avoid succession is education and the creation of good confidence in revocable life. The party that establishes a position of trust is called Grantor. In the trust agreement, grantor appoints a person known as an agent to take possession and manage the trust`s assets. The agent can be a person, a small business or a company. The party intended to receive the trust`s income or other assets is designated as a beneficiary. I was told that I needed a „testementary trust“ to prevent my disabled grandchild and my husband from losing everything if they were on Medicaid. My grandson has muscular dystrophy and wouldn`t live without Medicaid. He`s 7 years old and his lung vest alone costs $7,000. He no longer uses foot clamps or foot, but in the same way that he needs the lung vest to keep his lungs free, he needs speech and physiotherapy to be able to continue talking and walking. His speech remains very difficult to understand. He is such a bright child and he will certainly become a contributor to his community, his state and his country.
But I`m willing to keep his passes in that confidence to keep him on Medicaid. My husband has dementia (the type of FTD footballer). I`ll keep it at home. If he ever has to go to a nursing home, I don`t want us to work so hard, not give to our grandchildren, two with muscular dystrophy, one with autism. I`m reading this article, and now I`m confused. Shouldn`t I have had a Testementary Trust? For a will trust, since the settlor has died, it will generally have no influence on the exercise of the discretion of the agent, although it is customary in some legal orders for the deceased to leave a letter of vow to the agent. In practice, will trusts are motivated more by the needs of beneficiaries (especially children) than by tax considerations, as is the case with inter vivo trusts. The person who establishes the position of trust is referred to as „Grantor“ or „Settlor“ and the people who manage the position of trust are called „trustees.“ The „beneficiaries“ are those who can benefit from the trust.
Angie, A will trust can be written, so that it creates a particular need for trust for the beneficiaries if you pass.