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

incentives for health care wellness screeningtraditional vs roth 401(k)commitfederal student loan deferment public service loan forgiveness programlong-term care Financial Systemwould you decline a bonuscommunity collegeHeartLTCi ASAPStaffords this year have a fixed 6.8% interest ratedon't ignore open enrollmentshop online guaranteed level term policypay more than minimumpowerfuladjust allocations LTCadvice for college graduatesdon't use allowance as bribepoint cost offset by savingscalculate dependents annual income needscredit reportdebit card!00% tuition paidSandy Hook PromisestudentYoung Adult Interestoverspend on dining outwaive home inspection bid20 year level term Stock InvestmentsRetirement SavingsFundsautomate student loan paymentslife insurancepay high rate off firstSuze Orman spouse Kathy Travisreal estate mistakesmortgage interest tax deductionForeclosureGay Couplesconfident of solution4 Must Have Documents financial argumentsretirement accountsverify wellness screening and programs2017 TaxesPrime Rate Increaseloan is gifthome insuranceMarlo Thomasreduce monthly paymentpay off debtpublic service career student loan repayment Communication Skills yours, mine & oursMoneysummer job match income comparison shoppingwomen live longerpositivelow credit scoreAccuQuote.comback door Roth IRAhigh deductible health care planfinancing car Holiday Shoppingstandard rateis it kind?gift not loancan you afford itSelectQuote.comletter to suzeemployer offered life insurancecompare monthly expensesone annual feedental savings planinterest capitalizationcontribution keep a scheduledo you need life insuranceAmy LacyetFinancial AwarenessFinancial Power of Attorneyescrowbuy down identity fraudprovider of financial supportbe true to yourselfWashington40% toward financial goalcar loanFRAget over life insurance phobianot gender specific get credit cardGiftfour steps to retirement savings ignore 6 month grace period cut monthly cable billno sneaking in feeslower overall drug costCredit Card Rate Increasejanuary billsadd teenHow To Build CreditUniversity of Floridawomen outlive menbuy homeMotherRichSuze Orman's Money Warsbest interest ratesdoctors in networkBankruptcybecome member home budget after tax costrequire chore in exchange for allowanceadult childrenFederal Funds RateFICO at least 720home ownershipGay Rightsdon't defer interest paymentscostly insurance mistakeEric Dodge AARPHDHP dental insurance earn allowancestandard deduction 2016 adjust estimated taxswitch to spouse coveragevalue moneychildren under 18no waiting periodemergency fund savingsdepreciating asset insurance mistakesocial securitybill paying prioritiesIRA contribution gifted money3 savings buckets children's bookpurely financial standpointhigh premiumssave moneybad retirement planninghealthy retirement blood pressurealways use all paid time offCredit scoreRevocable Living TrustCiti Simplicity Card gay marriage ban end Florida insurancedear suzeproperty taxincrease retirement savingsHDHP'sfinancial independencefile asapChanging LivesCivil Rightspay credit debt ASAPhigh FICO scorestudent loan repaymentForbescharges on credit cardcredit managementsuccessno late fee don't extend mortgage Suze Ormaninsurance yearly reviewno fee transferteensJose Rodriguezno negativityCory Bookerage appropriate chore2015 financial roadmapStudent Debt Crisis6 month waiting periodprotect and provide for minor child tax refund fraudSpendingunexpected expenseultimate compounding giftCPI-Wresponsible with moneyage appropriate goalsno private loanMoney Marketat worst still pay 75% benefitmonthly benefit home related tax break bonus closing feesclosing disclosuredon't do five year car loanunder 18 financial giftSuze Orman Scholarshipsame-sex marriageloan no longer than 36monthsstudent loan repayment estimatoris it necessarydon't blow tax refundbuying car 2016Financial Gift Cliffopen enrollment review repay student loansrent vs buydon't derail retirement savingssavingsrolloverdangerous money seasonpremiumsame sex marriage band end Floridafinancial concernworst financial mistakederailed planmultiple lendersEmergency SavingsPBS Specialstudent loan debtfamily save at least $100 monthlysetup automatic savings withdrawone credit cardlower premiumlong-term care premiumsHoliday SeasonMoney-SavingInfluentialsdeath benefit 20 to 25 times annual incomereal estate marketPhyllis Shelton expert long-term careoverspend on nights outrefinancestretch out haircut appointmentsdon't charge a pennyreplace permanent life insurance with termconsider roth 401(k)don't cover cosmetic dentistrylow down paymentbe kind to yourselfbuy home you can affordmobile appno splurge zero rate transfer dealsThe Suze Orman Showstore credit cardsrequired disclosureUS Tax Code3 step financial road mapForbes Top 10secured cardallowance taskFHA loan feesWall Streetpreexisting condition not coveredWarner Bros Television Groupnot enough life insuranceHDHP's are not badFinancial Awareness Video Festivalgift grandchild IRA contributionmonthly dental insurance premiumbetter loan dealspay down student loan debtpaying for collegegraduationapproved medical 100% tax-freeBank2015 record year car salescut monthly cellular billmoney-aware childbudget50 over 50mortgagePersonal FinanceAdequate Auto and Home InsuranceFiscal Responsibilityreduce interest ratequick closingAshley SpringerStudent Loanretirement planitemized deductioncouple financeslife insurance name trust as beneficiarysocial security never insolventtitle insurance401Kreduce withholdingheartacheco-sign tax ID theftOverspendingRoth 401(k)8 month safety netSuze is my biggest mentorUrbana-Champaignteach your child good money habitsphysical healthHDHP/HSAmax employee matchcollege studentFinancial Solutions For YouAlarm Clocksavings pleasureiffy incomeCommencementteach importance of helping othersCredit Card Interest Rateprescription tierhighest possible benefitdangerous retirement planGracehigher insurance deductibleterm insurancejuggle multiple financial goalsmeet monthly breakdown projected monthly housing costplanfinancial fearsUniversity of Illinoismarriage inequality20% equityAuto Savings max employer matched 401(k) contributionalternative FICO scoreorigination feesTeachcost of capitalization calculatorLong Term Care Insurance school teens and moneyidentity theftfraudulent returnbetter terms2016 adjust withholdingInfluential Celebrityhome buying budgetFinancial Adviceno retirement funds for down payment10% donate to charitycredit unionbuying a caruniversal college accessSuze approvedhealthy retirement weightanticipated salaryraise deductibleshealthy aging Loveget health insuranceborrowing plan verify retirement plan with HR or plan sponsorstudent loan repayment planbetter loan ratescommunity bankhousing marketretirment savingslet them have 50% controlnear historic lowsrising home pricesdeath benefit needs for familyget the most out of social security mental healthtelevision hostautomatic withdraw to savings Most Influential Celebrities Listbad decisionsFICO Scorebest loan deal NewtownRetirement Incomeenjoy saving protect loved ones Goodbyedebtdream schoolLong Term Care shoppingterm life insuranceroth irathree year car loanFinancial Cliffwives should be involved in retirementprotect your familyallowanceincrease emergency savingsback-to-school budgetraise insurance deductiblemarriage financial responsibilitydebt freeswitch to roth 401(k)Holidaygrandchild summer job IRA contributioncollege graduatetaxesPost-DivorceETF'snegotiate points with bank or sellerlow-cost index mutual fundmortgage disclosurelowest cost fund optionFinancial EducatorVeterinary Schoolkid borrow firstAmericans don't use all paid vacation timemake saving a pleasureunsubsidized Stafford loanmoney vowsavoid burn outwomen longer life spaninterest on student loansis it necessary?big results paid vacationspecial saving accountLong Term Care premiumsmortgage brokerNew York Lifepay 100% cashsmall changes HDHP's are good for youfull retirement agereferrals Exhibitionpercentage of women widowed 75-84holiday spending20% down paymentsidelinedSatisfyingNew american Dream annual cost of living adjustmentresponsibleconfidentmax benefit coveredlousy investmentPrime Rate Rise 2015don't buy wants401(k) Contributionsfocus on needscredit cardknow before you owelower mortgage interestSuze changed my lifeno interesthome loan credit score below 740 Telepictures8 month emergency fundSave Us Moneyemotional stakes15-year refinance dealloved ones dependent on incomebalance transfer percentage men widowed 75-84Sandy Hook Elementary Schoolgrandparent IRA contribution valentines daydental discount plansocial security not going brokefile taxes quickly3 bucket approachlong term goalprotect dependent car buying mistakescnbc alarm clockpay interest while in schoolmaintain standard of livingdon't spend Student Debtloan big picture face your financial fearsecure creditpush yourself to save more for retirementno life insurance financially irresponsibleHSA tax savingskids schedule paymentsemployer funding HSABeautypresident ObamaOne Wallet At A TimeMass Mutualritual scheduledo not pay allowance for good behaviorlower rateovercome financial fears20% down payment avoid feeslong term careMortgage Credit Availability Indexdoctor no longer in network3% debt transferred AARP Social security calculatorsave home buying mistakesrefundpaid in fullpay down car loanLifestylePay Off Debt Before Retirementoverspend on giftsGiftssocial workautomatic paymentborrow each year, capitalization is going to pile up increase retirement contribution ratefocus on new truth 19 years cash flow problemEasy Life Insurance Baby Boomersonly refinance if it pays8 Rulesleave a legacywrite new goalCollege of Veterinary Medicinelearn good financial choicescontribute household expenses Free Debt Eliminatorloan necessityInvest for savings growthmanage student loansshort term goal financial goal phraseEmployer Matched Contributioninitial tax break School of Social Workis it true? FICO credit score credit card mortgageLTC shoppingFinancialonly offered while employed permanent life insurancebe good exampleemergency fund take actionlive below your meansspeak new goalclosing costs 2% of loanno tax on withdrawlsFinal Goodbyestay positiveDurable Power of Attorney for Health CareCNBCretain separate credit cardscreate new truthConventional loan PMIcar leasingCOLAretirementBill and Penny10 year repayment plan gift up to 14,000exercise reguarlynew carwomen long term care

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