Revocable Living Trust

Revocable Living Trust is created while the grantor is alive, and as long as you are alive and competent, you can change any or all parts of the trust at any time.

This is created while the grantor is alive, and it may continue after her/his death. Revocable means that, as long as your are alive and competent, you can change any or all parts of the trust at any time. You can even tear it up! The assets in a living trust are not subject to probate, and beneficiaries can be given immediate access to them upon death, If you should become incapacitated and cannot handle your own affairs, naming a successor trustee when you set up the trust will allow someone to manage your affairs for you. A living trust does not avoid estate taxes.

Insurance Trust

Insurance trust established while you are living and typically holds or acquires insurance policies on your life. Insurance trust receives the life insurance proceeds upon your death.

Established while you are living, this typically holds or acquires insurance policies on your life. The trust receives the life insurance proceeds upon your death. These trusts are usually irrevocable to keep the insurance proceeds from being taxed upon your death. Irrevocable means that these trusts cannot be changed once signed. With the proceeds of your life insurance in trust, funds are guaranteed to be available to the executrix to settle the estate and give immediate income to the family.