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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55610
Experience:  29 years of experience practicing law, including tax and estate planning.
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My husband and I are thinking of placing our assets in an

Customer Question

My husband and I are thinking of placing our assets in an irrevocable trust. 1. Will we still have control over our money and what we spend? 2. If we place all saving accounts, retirement funds, property into the trust, do we need to keep an account open with money in it for our use and put all other money into another account in another bank for the trust? 3. Can more than one member be named in the trust and can we have their children named in the trust if something happens to them?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

Good morning. My name is ***** ***** I look forward to helping you.

1. Generally, if you put it into an irrevocable trust, you no longer have control over the assets. Rather, the trust, as a separate and distinct entity, owns the assets and the control of those assets is within the power of the trustee to govern the trust specifically pursuant to the trust agreement. If you put the assets into a revocable living trust, you retain control during your life and the trust only becomes irrevocable upon your death. 2. Yes, you would want to retain assets outside an irrevocable trust to insure you had adequate funds if you didn't want the trustee and the trust agreement to control the funds. 3. Yes, you can have primary beneficiaries of the trust and then contingent and/or successor beneficiaries in the event the primary beneficiaries die.

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