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probate Archives - Sharkey, Howes & Javer

Ramifications of Unfunded Trusts

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For many, a Revocable Living Trust is created as part of an estate plan to determine who will inherit assets and property, rather than relying on a will or owning assets jointly with either a spouse or heirs. It is a type of trust that is established during the trust maker’s lifetime and can be amended as long as the trust maker is alive and well. Assets within the trust can be managed, invested and spent for the trust maker’s benefit during his/her lifetime. At death, a trustee steps in to manage and distribute the property within the trust as outlined in the trust agreement created by the trust maker.

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