Trustor and trustee enter into an agreement to create a revocable living trust. The purpose of the creation of the trust is to provide for the convenient administration of the assets of the trust without the necessity of court supervision in the event of the trustor's incapacity or death. Other provisions of the trust document include: trust assets, disposition of income and principal, and administration of the trust assets after the death of the trustor.
A Montana Living Trust — Revocable, also known as a Revocable Living Trust or a Granter Trust, is a legal document that allows individuals to manage and distribute their assets during their lifetime and after their death. It is a popular estate planning tool that offers numerous benefits and flexibility. In a Montana Living Trust — Revocable, the individual creating the trust, known as the granter or settler, transfers their assets into the trust. The granter retains control over the trust, serving as the trustee and the primary beneficiary during their lifetime. This means they can modify, amend, or revoke the trust at any time, providing flexibility and control over their assets. One of the key advantages of a Montana Living Trust — Revocable is the ability to avoid probate. Probate is a legal process through which a person's assets are transferred after their death. By using a revocable living trust, the assets held in the trust can pass directly to the designated beneficiaries without undergoing probate proceedings, saving time, expenses, and maintaining privacy. Additionally, a revocable living trust allows for the seamless management of assets in the event of incapacity. If the granter becomes unable to handle their financial affairs, a successor trustee can step in and manage the trust assets on their behalf, ensuring continuity and avoiding the need for various court-appointed conservatorships or guardianship. Montana Living Trust — Revocable is flexible and can encompass different types, such as single granter trusts and joint granter trusts. A single granter trust is established by an individual, while a joint granter trust is created by a married couple. Joint granter trusts are commonly used to consolidate and manage the assets owned by a couple jointly. In conclusion, a Montana Living Trust — Revocable is a valuable estate planning tool in which the granter, as the trustee, retains full control and flexibility over their assets while providing the benefits of probate avoidance, efficient asset management during incapacity, and the smooth transfer of assets to beneficiaries after their passing.
