Suze Orman, Financial Guru
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
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

Forbes2015 financial roadmapcommunity collegeRetirement IncomeHow To Build CreditSandy Hook PromiseSatisfyingExhibitionFundsFinancial Solutions For YouLifestyleletter to suzetaxesUniversity of FloridaGiftsHeartPost-DivorceForeclosure3 step financial road mapemergency fund savingsInterestHoliday!00% tuition paidretirment savingsMarlo ThomasGay CouplesAshley Springerdream schoolMoney MarketYoung Adult Influentialsschool Financial AdviceUS Tax CodeTeachFiscal Responsibilitydear suze401(k) ContributionsSuze Orman spouse Kathy TravisSave Us MoneyFinancialretirement accountsGiftSandy Hook Elementary SchoolCredit Card Rate IncreaseSuze approveddebit cardbill paying prioritiesGay RightsSpendingCredit Card Interest RateInfluential CelebrityMotherCommunication Skills Student DebtOverspendingUrbana-ChampaignBaby BoomersFederal Funds RateBeautypaying for collegeTelepicturesFinancial Cliffgay marriage ban end Florida successStock InvestmentsMoney-SavingUniversity of IllinoisMost Influential Celebrities ListFinancial Awareness Video FestivalAARPSuze OrmanBankdebtCollege of Veterinary MedicineWarner Bros Television GroupFinancial EducatorChanging LivesSuze Orman's Money WarsPBS SpecialPrime Rate Rise 2015Financial SystemBankruptcysocial workCNBCteens and moneyHoliday ShoppingEmergency SavingsForbes Top 10Moneystudent loan repaymentFinancial AwarenessgraduationCivil RightsVeterinary SchoolRetirement SavingsGracePrime Rate IncreaseWall StreetSchool of Social Work50 over 50studentSuze Orman ScholarshipPersonal Financesame sex marriage band end FloridaStudent Loancnbc alarm clockPay Off Debt Before Retirement401KHoliday SeasonGoodbyeStudent Debt Crisisstudent loan debtLoveuniversal college accessmarriage inequalityFinal Goodbyemobile appcredit cardtelevision hoststudent loan repayment estimatorFree Debt EliminatorFinancial Gift CliffWashingtonsame-sex marriageAlarm Clockpresident ObamaretirementThe Suze Orman ShowMortgage Credit Availability IndexJose RodriguezNewtownstudent loan repayment plan8 RulesteensCory BookerRichCommencementOne Wallet At A Time


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
© 2015 Suze Orman Media Inc. All rights reserved.
 
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel