As principal of Kevin Staker Probate and Trust Mediation, Kevin Staker guides individuals and families in the process of estate distribution. Kevin Staker comes to this role with extensive experience in estate law, having led the StakerLaw Tax and Estate Planning Law Corporation for more than 30 years.
A revocable living trust, also known simply as a living trust, allows an individual to determine ownership of his or her estate throughout the phases of independent living, potential incapacitation, and death. Most trusts allow the trustmaker to control and spend the assets placed in the trust for as long as he or she can do so. This provision includes the right to change the trust by removing assets, adding new assets, or change the identity of beneficiaries.
The trust also designates the identity of a trustee, who assumes responsibility for handling the assets in trust after the trustmaker passes away. Some trusts direct the trustee to distribute assets to beneficiaries, while others ask that the trustmaker continue to manage assets on beneficiaries' behalf.
A trustmaker may also authorize his or her trustee to manage his or her assets should the trustmaker lose the ability to do so during his or her lifetime. This way, if the trustmaker loses the mental ability ot manage his or her affairs, the trustee can take over finances without needing to go through the court process of becoming a guardian.
