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 New Hampshire Living Trust, also known as a Revocable Living Trust, is a legal document that allows individuals to maintain control over their assets during their lifetime and efficiently distribute them upon their death. This type of trust is popular among residents of New Hampshire who wish to avoid the probate process, maintain privacy, and have flexibility in managing their assets. One of the main advantages of a New Hampshire Living Trust is its revocable nature. This means that the individual creating the trust, known as the granter or settler, has the ability to modify, amend, or even revoke the trust during their lifetime. This flexibility ensures that the trust can adapt to any changes in the granter's circumstances or wishes. Additionally, the use of a New Hampshire Living Trust can help avoid probate. Probate is the legal process that validates a will or administers the estate of a deceased individual. By placing assets in a trust, they are no longer considered part of the probate estate, allowing for a faster and more private distribution of assets to beneficiaries. There are two main types of New Hampshire Living Trusts: individual and shared. An individual trust is created by a single person, whereas a shared trust is established by a married couple. The shared trust allows for joint management of assets and simplifies the distribution process upon the death of either spouse. Furthermore, a New Hampshire Living Trust can provide various benefits such as incapacity planning. In the event that the granter becomes unable to manage their own affairs due to illness or disability, a successor trustee can step in and manage the trust assets on their behalf, avoiding the need for a court-appointed guardian. In summary, a New Hampshire Living Trust — Revocable, also referred to as a Revocable Living Trust, is a versatile estate planning tool that enables individuals in New Hampshire to maintain control over their assets during their lifetime, simplify the distribution process upon death, and avoid probate. Whether it's an individual or shared trust, the revocable nature of this trust allows for flexibility and adaptation to changing circumstances. Additionally, it provides incapacity planning benefits, ensuring that the granter's affairs are properly managed if they become unable to do so themselves.
