A revocable trust allows you to maintain full control over your assets during your lifetime. You continue filing taxes as usual under your Social Security number, and no separate tax return is required for the trust while you're alive.
Upon your death, the revocable trust becomes irrevocable, meaning its terms can no longer be changed. This ensures no one can alter the trust's provisions after your passing.
The successor trustee (similar to an executor under a will) takes over to handle administrative duties, such as distributing assets according to the trust's terms.
A final tax return is filed for any income the estate generated between your death and the distribution of assets.
The trust remains irrevocable until all assets have been distributed to the beneficiaries.
This process ensures your wishes are honored and protects the trust from unauthorized changes.
This video is for informational purposes only. As always please get professional help before making decision on how to protect your assets.
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