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Non-Cattle Specific Topics
Every Thing Else Board
Revocable living Trust
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<blockquote data-quote="3waycross" data-source="post: 1251211" data-attributes="member: 6713"><p>I believe it's only revocable by the person who sets it up to begin with. The land also needs to be deeded to the trust by the original trustee.</p><p></p><p>That person or persons then designate someone to administer that trust in the event of their death. Ours has an end date as to the when and how it is to be sold and distributed. It is a 5 year plan and then ceases to exist. </p><p></p><p>That designee has a fair amount of power to manage it but no ability to change the terms of the original trust.</p></blockquote><p></p>
[QUOTE="3waycross, post: 1251211, member: 6713"] I believe it's only revocable by the person who sets it up to begin with. The land also needs to be deeded to the trust by the original trustee. That person or persons then designate someone to administer that trust in the event of their death. Ours has an end date as to the when and how it is to be sold and distributed. It is a 5 year plan and then ceases to exist. That designee has a fair amount of power to manage it but no ability to change the terms of the original trust. [/QUOTE]
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