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Estate planning and wills
A revocable trust agreement is simple. You transfer assets—usually cash and securities—to the trust, naming the trustee of your choice. (That trustee may even be you.) You're the beneficiary of the trust during your lifetime. The trustee will manage the assets and pay to you the net income—or if you want additional funds, a portion or all of the principal. revocable trust agreement is simple. You transfer assets—usually cash and securities—to the trust, naming the trustee of your choice. (That trustee may even be you.) You're the beneficiary of the trust during your lifetime. The trustee will manage the assets and pay to you the net income—or if you want additional funds, a portion or all of the principal.
Why do you need a will? Because it allows you to:
- Direct the division of your property the way you choose—not the way the state decides.
- Make special financial arrangements for your family members who are minors, disabled or unfamiliar with money management.
- Name a guardian for your minor children.
- Select an executor (personal representative) who is well-qualified to settle your estate promptly and economically, with careful attention to your wishes.
