Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

Why everyone needs a living revocable trust

October 01, 2013 at 10:46 PM

Everyone needs a living revocable trust, says Suze Orman on this week's episode of "The Suze Orman Show."

In response to several emails and tweets asking why a trust is so mandatory, Orman spells it out. "A living revocable trust serves as far more than just where assets are to go upon your death and it does that in an efficient way," she said. Unlike a will, a living trust also covers you while you are still alive, Orman noted.

You must think about what If something happens and you become ill and incapacitated. "Who is going to take care of you and pay your bills?" Orman asked. A key difference between a will and a living revocable trust is that the living trust has an incapacity clause that states who you want to sign for your affairs in the event you are unable to do so for yourself.

Be mindful of the key difference between a revocable trust and an irrevocable trust. An irrevocable trust cannot be modified or terminated without permission of the beneficiary. "Once the grantor transfers the assets into the irrevocable trust, he or she removes all rights of ownership to the trust and assets," Orman explained.

 

View Article and Watch Video

The Suze Orman SHow

Tag Cloud

be good exampleUniversity of Illinoisenjoy saving low down paymentexercise reguarlycollege graduatesavings50 over 50commititemized deductiontelevision hostpaying for collegeFinancial Cliffresponsiblereal estate marketGay CouplesWillsidelinedHSA tax savingsfocus on needssame sex marriage band end Floridastretch out haircut appointmentscomparison shoppingjuggle multiple financial goalspowerfulfinancial argumentsnot gender specific retirementFinancial Awareness Video Festivalnegotiate points with bank or sellerworkaholicdebtsave dental discount planoverspend on nights out20% down paymentStudent Debt CrisisAshley Springerlife insurance name trust as beneficiarysame-sex marriagenear historic lowsSuze is my biggest mentorStudent Loan401(k) Contributionsemployer offered life insurancehome budget after tax costbest interest ratesAARP Social security calculatorno life insurance financially irresponsibleteensGay Rightsritual scheduleLoveretirement accountsEmployer Matched Contributionspring summer Money-Savingstrained relationshipAlarm Clockmax employee match20% equityhealthy retirement weightTeachno late fee 15-year refinance dealbig results Forbesworst financial mistakePrime Rate Increasepay credit debt ASAPETF'sone annual feeStudent Debtdo you need life insuranceSchool of Social Workraise deductiblesprescription tiercut monthly cellular billaffordabilitycar loancredit reportcost of capitalization calculatordebt freeCivil Rightsrent vs buystudent loan repayment planidentity theftCollege of Veterinary Medicinehigh down paymentincrease retirement contribution rateraise your deductiblemaintain standard of livinghome buying budgetGoodbyealways use all paid time offfinancial goal phrasehigher insurance deductibleOne Wallet At A Timeaffordable premiumretirement planbudgetdeath benefit 20 to 25 times annual incomeone credit cardphysical healthincrease retirement savingscouple financesstay positiveallowance taskno retirement funds for down paymentpurely financial standpointSpendingadult childrenfinancial aidburn outdear suzeFundsPBS SpecialLifestyletaxesSatisfyingfinancial fearsgrandparent IRA contribution Changing LivesMass Mutualproperty taxrolloverallowanceretain separate credit cardswaive home inspection bidExhibitioninterest on student loansfile taxes quicklyanticipated salarydon't spend tax refund fraudFinancial Power of Attorneycostly insurance mistakevalentines dayLTCi ASAPMotherHeart19 years cash flow problempreexisting condition not coveredFederal Stafford loanCory BookerSandy Hook Elementary SchoolSuze Orman spouse Kathy Travisvalue moneyreplace permanent life insurance with termlower overall drug costlet them have 50% controlgift grandchild IRA contribution20% down payment avoid feesdream schoolHigh FICO Score = Better Rateterm insuranceRichAmericans don't use all paid vacation timerefundWall Streetgift up to 14,000Suze Ormantax ID theftinitial tax break pay interest while in school4 Must Have Documents dangerous retirement plancar leasingback door Roth IRAteens and moneyloan is giftyours, mine & ours3 bucket approachInvest for savings growthFRAemotional stakeswomen longer life spanlife insuranceStaffords this year have a fixed 6.8% interest ratecollege student3 step financial road mapchildren's bookage appropriate goals40% toward financial goalMost Influential Celebrities Listno fee transferholiday spendingstudent loan debtdon't extend mortgage Revocable Trustnew carrising home priceskeep a scheduleFinancialConventional loan PMI3% debt transferred public service loan forgiveness programNewtownpercentage men widowed 75-84lower premiumterm life insurancehigh credit score discountUS Tax Codefinancing car raise insurance deductibleopen enrollment review Adequate Auto and Home Insurancezero rate transfer dealsPhyllis Shelton expert long-term carehigh deductible health care plan30 year mortgage get over life insurance phobiapay down student loan debtstudent loan repayment estimatorHDHP'spay off debtStock Investmentsmonthly dental insurance premiumSuze Orman's Money WarsFHA loan feesOverspendingstudentonly offered while employed LTC shoppingknow before you owecredit cardLegal Guardianreferrals loan big picture back-to-school budgetat worst still pay 75% benefit10 year repayment plan leave a legacyshort term goal secured cardgay marriage ban end Florida 401Kcalculate dependents annual income needsbalance transfer 2015 financial roadmapcontribute household expenses CPI-WFinancial Gift Cliffhome buying seasonidentity fraudbuy homehome related tax break bonus emergency fund Interestfinancial independence8 RulesSuze Orman Scholarshipsetup automatic savings withdrawbad retirement planningmarriage financial responsibilitysocial workclosing feeswould you decline a bonusstaycationcredit unionhigher monthly paymentwomen outlive menbreakdown projected monthly housing costswitch to roth 401(k)Jose Rodriguezsocial security not going brokeshop online guaranteed level term policypermanent life insuranceadjust allocations ARMverify wellness screening and programscredit utilization rateprotect dependent Graceavoid burn outGiftsdepreciating asset women live longerage appropriate choreLong Term Care premiumsTelepicturesAARPpresident Obamaprotect your family!00% tuition paidco-sign dangerous money season15 year mortgageadd teenbecome member store credit cardsYoung Adult get health insuranceUniversity of FloridaHoliday Seasonpay high rate off firstlower mortgage interestiffy incomeprotect and provide for minor child loan necessityFederal PLUS loanno apologybe true to yourselfFinal Goodbye2017 Taxesreduce monthly paymentverify retirement plan with HR or plan sponsorignore 6 month grace period consider roth 401(k)heartacheultimate compounding giftinsurance yearly reviewdon't charge a pennyCOLAdeath benefit needs for familyface your financial fearrepay student loansdon't cover cosmetic dentistrycharges on credit cardloved ones dependent on incomeInfluentialsrequired disclosureFinancial Educatorschedule vacationCiti Simplicity Card emergency fund savingsincreased auto insurance premiummanage student loans6 month waiting periodbuy home you can affordfamily save at least $100 monthlyfile asapFinancial Advicelow-cost index mutual fundgraduationmeet monthly don't do five year car loan8 month safety netuniversal college accessno private loansovercome financial fearsfraudulent returnno waiting periodmobile appswitch to spouse coverageAmy LacyetLong Term Care Insurance interest capitalizationmoney-aware childlong-term care premiumsdon't derail retirement savingsdo not pay allowance for good behaviorMortgage Credit Availability Indexalternative FICO scorejanuary billssecure creditprovider of financial supportUrbana-ChampaignPost-DivorceCredit scoreteach importance of helping othersMinor Children employer funding HSAmortgage disclosuremortgage interest tax deduction2016 adjust withholdinghighest possible benefittraditional vs roth 401(k)Suze approvedhigh FICO scorepeace of mindHDHP's are good for youPersonal Financestandard deduction student loan repaymentthree year car loanrequire chore in exchange for allowanceCredit Card Interest Rate2015 record year car salesLong Term Care shoppingborrow each year, capitalization is going to pile up don't ignore open enrollmentclosing disclosurehealthy aging write new goalreal estate mistakesschool lower interest rateDurable Power of Attorney for Health Caremental healthunder 18 financial giftmarriage inequalitypaid in fullLTCincrease emergency savingsRoth 401(k)New american Dream healthy retirement blood pressureCredit Card Rate IncreaseFICO Scorewives should be involved in retirementsavings pleasureshorter payback periodmultiple lendersno interestwomen long term careis it necessary?buying car 2016public service career student loan repayment Revocable Living Trustget the most out of social security overspend on giftsinsurance mistakelive below your meansSelectQuote.comreduce withholdingoverspend on dining outWashingtonrefinancelong-term care escrowcut monthly cable billtake actiontoo expensive schoollowest cost fund optionVital DocumentsRetirement Savingshealthy youearn allowancedon't buy wantsget credit cardlong term goalcredit managementBill and Pennyhigh premiumsmax employer matched 401(k) contributioncommunity collegecnbc alarm clockfederal student loan deferment positivemax benefit coveredletter to suzeunexpected expenseadvice for college graduatesborrowing plan don't defer interest paymentscontribution low mileage discountteach your child good money habitsForeclosureRetirement IncomeHigh Credit Scorederailed plancommunity bankclosing costs 2% of loanquick closinginsurancebuying a carHDHP retirment savingsbill paying prioritieslong term care20 to 25 times annual incomefinancial concerndon't use allowance as bribehome insurancecan you afford it740 credit scorePay Off Debt Before Retirement2016 adjust estimated taxorigination feeschildren under 18kids schedule paymentsbetter loan ratesconfidentstandard rateSuze changed my lifesocial security never insolventFICO credit score credit card mortgagegrandchild summer job IRA contributionpay more than minimumNew York Lifekid borrow firsthousing marketHolidayroth iraEric Dodge summer job match income debit cardno splurge protect loved ones four steps to retirement savings SelfishSave Us Moneybest loan deal lower rateMarlo Thomasdon't blow tax refundGiftpay 100% cashBankFiscal Responsibilityno tax on withdrawlsmonthly benefit be kind to yourselfresponsible with moneyBeautygift not loanpaid vacationspeak new goalbetter termsloan no longer than 36monthsno sneaking in feesPrime Rate Rise 2015The Suze Orman ShowCommencementdental savings plancostly legal mortgageCNBCWarner Bros Television GroupInfluential Celebritycompare monthly expensesMoney Marketannual cost of living adjustmentFederal Funds Ratedental insurance premium20 year level term ARM Cautionspecial saving accounthome buying mistakessocial securitypush yourself to save more for retirementdoctor no longer in networkhome loan credit score below 740 10% donate to charityapproved medical 100% tax-free8 month emergency fundEmergency Savingslearn good financial choicesreduce interest ratemoney vowsVeterinary Schoolis it kind?Baby BoomersMust Have Documentscreate new truthFinancial Awarenesssuccessfull retirement agelow credit scorenon conventional routeFinancial Solutions For YouHoliday Shoppingnot enough life insurancebad decisionsCommunication Skills buy down automate student loan paymentssmall changes confident of solutioncompare provider pricingSandy Hook PromiseEasy Life Insurance focus on new truth Forbes Top 103 savings buckets HDHP/HSAFICO at least 720unsubsidized Stafford loanHDHP's are not badautomatic paymentincentives for health care wellness screeningBankruptcyplanFree Debt Eliminatorautomatic withdraw to savings title insuranceAccuQuote.commake saving a pleasureAuto Savings doctors in networkeight month living expense Moneyhome ownershipsave moneyis it true? no negativityIRA contribution gifted moneyonly refinance if it paysHow To Build Creditpay down car loanFixed Rate Mortgagebetter loan dealscar buying mistakespoint cost offset by savingsno private loanis it necessarylousy investmentmortgage brokerFinancial Systempercentage of women widowed 75-84


View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2017 Suze Orman Media Inc. All rights reserved.
 
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel