Revocable ensures you the right to change the provisions in your Trust at any time. It's called a Living Trust because you are transferring assets to your Trust while you are still alive. A Trust is a separate legal arrangement that allows you to transfer any of your assets to a trustee.

The trustee holds the assets, invests them, collects income, pays normal expenses, and distributes net income to you or others, according to your instructions (as written in the Trust agreement).

Any qualified organization or individual, including you, can be the trustee.

A Will only determines how your assets will be distributed after your death. A Will offers no lifetime services. In addition, a Will is a public document.

Normally, a Will requires probate. This is a legal process through which the court makes sure your debts are paid and your assets are distributed as directed in your Will. Probate may be expensive, due to legal and executor's fees which are paid by the estate. Usually, probate delays the distribution of your resources (even one to two years or longer).

A Revocable Living Trust is a private document. Only you and the trustee need to know the terms of the Trust. It's not a matter of public record now or at your death. Also, it's flexible; you can change your mind about any of the distribution provisions in your Trust at any time.

With a Revocable Living Trust, you still decide how you want your assets distributed at your death. Assets in a Revocable Living Trust do not go through probate, thus normally you save both time and money.

In addition, you have the ability to determine how you want your financial affairs handled while you are yet living. Your trustee manages your Trust assets according to your stated objectives.

No. You maintain control over your assets by having the ability to revoke the Trust. For example, the principal of the Trust is available to you to meet unplanned expenses. Your assets are only distributed according to your instructions.

Yes. You can add assets of any amount at any time.

Not really--joint ownership only postpones probate. With joint ownership, when one person dies, the other person becomes the sole owner. However, when the second person dies, or if both of them die at the same time, the property must go through probate before it can be distributed.

When you establish a Revocable Living Trust, you transfer to the trustee all assets that you want included in the Trust. Technically, your Trust now owns those assets. However, because you can revoke the Trust, you indirectly have control over the assets. Everything in your Trust at the time you die avoids probate.

Yes. Organizations such as your church and the Christ Temple Church of the Apostolic Faith Inc. can be named as beneficiaries in your Trust.

Many have found the Trust an excellent way to make a future charitable gift to Christ Temple, and it has been a great benefit and blessing to our ministry of evangelism. A Trust is especially useful for those who need to retain the income from their gift or who may need their assets in the future. Our representatives are prepared to explain how you can name Christ Temple as a beneficiary.

Essentially, you do three things:

1. Specify how you want your assets distributed at the time of death,

2. Decide who will be your trustee, and

3. Select an attorney to draft the Trust document.

Because you control the assets, a Revocable Living Trust does not reduce your income taxes. Placing appreciated assets in your Trust may have capital gains tax consequences.

Usually, a Trust transfers assets to named beneficiaries after your death. Distributions to qualified organizations (like your church or Christ Temple) will reduce any Federal estate taxes because they will be considered charitable contributions.

Yes. You can change your Trust at any time if something changes in your personal situation. You simply contact your trustee, who will make whatever changes you desire.

Yes. If you become disabled or incompetent, your trustee will continue to manage your Trust in your best interest. This may include applying the income and, if necessary, the principal of the Trust to pay your expenses.

Normally, yes, depending on who is trustee.