The obvious is to see a solicitor, but is there a way to do this without involving an attorney? The costs are prohibitively expensive. We just want to to know that our sons will be taken care of if, touch wood, anything should happen to my hubby and I.
Many thanks in advance!
Answer by King of the Net
The simple living trust, sometimes called an "inter vivos" (Latin for "lifetime") trust, is revocable. The person setting up the trust, called the "grantor", transfers ownership of assets to the trust, but maintains complete control over everything, including the right to terminate the trust during the grantor's lifetime.
In the case of a married couple with children, when one spouse dies, the trust can be set up to remain revocable, with the surviving spouse in control as sole trustee. When the surviving spouse dies, the trust funds can be divided into separate trust shares for each surviving child, or the trust can continue as one fund (called the "single pot approach") for the benefit of all the children.
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Orignal From: How do I set up a living trust in the UK?
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