A living trust is one that is created during a person's lifetime. While a person is still living, they transfer title to their property from their name to the trustee of the living trust. Once a person transfers property into a living trust, it is the trustee who becomes the legal owner of the transferred assets. Many clients make themselves the initial "trustee" of the trust, and they choose their children as co-trustees or they are placed in a specific order of procession. If you are confused about elder law and its benefits, you can schedule your free consultation with our attorneys via web.
For some, they either do not have any children or they do not wish to use their children as trustees. In this case, they might choose another family member, friends or trust companies or banks. Whomever they choose as the co-trustee does not necessarily have to have extensive experience in accounting, law or trust administration and management, however they should be willing to invest the amount of time necessary for trust management and they should be willing to seek professional help when the need arises.
The first plan of action would be to hire an estate planning attorney who will draw up the trust document. Included within the document will be the names of the trustees (the people who are setting up the trust). Typically, the trust will also name successor trustees such as other people, banks, or trust companies. Upon incompetency, resignation or death of the original trustee(s), the successor trustee will take over management of the trust.