Living Trust Executor - An Important PersonMost of us have family that we want to be cared for after our deaths but we would like some control over how that will happen while we are still alive. The best way to achieve that goal is to create your own Living Trust. A revocable living trust is a trust of your assets that you remain as the trustee for until the time of your death or incapacitation. At that time another individual whom you have named the trustee will take over the division of your assets to those you have claimed your beneficiaries, or those whom you have designated to receive your assets. A Living Trust Executor is basically another name for the trustee or the person who oversees the execution of the living trust. This person doesn't have any real responsible until the grantor, or person who created the living trust dies. It is then that the Living Trust Executor will have to take responsibility over the paying of taxes and debts with the assets that are left within the trust. Once those debts have been paid, then the Living Trust Executor disperses the remaining assets to the beneficiaries.
Living Trusts are great to have as they make the division of assets much easier than a will alone. Assets that are divided by only a will are required to pass through probate court first, which also makes all of the debts and assets public record. Probate court may take months before the assets are fully divided and they can also be easily protested. A living trust is much different and is not easily changed. The Living Trust Executor can disperse the assets without going through probate which can speed up the process significantly. Many living trusts can be settled in a matter of weeks. Once they are settled and all assets are given to the beneficiaries, the living trust no longer exists.
You can make your own living trust just as you would a will. You can find kits that provide you with the information you need to create your own living trust. Arizona or Missouri may have different guidelines as to setting up a living trust so you should always check with your state's laws while creating your own living trust.
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