Let’s start with some jargon.
“Funding” a trust is what estate planning lawyers call the process of getting assets into a trust.
When we say something is in a trust, owned by a trust, or funded to a trust, we’re
A “power of attorney” is a legal document in which a person, called the “princial,” (let’s say that’s you) appoints another person, called an “agent,” to act for the principal in a specified capacity. Often, a power of attorney is
Real estate includes your house, condo, vacation home, commercial building, and similar properties.
Generally, a person who has a revocable trust will want that trust to be the owner and/or beneficiary of most of his/her assets: the purposes of the
(or: why we have to ask the mortgage company for permission to transfer the rental property but not the house)
People usually establish revocable trusts to facilitate the management of their assets if they become incapacitated and to avoid probate.
