You’ve appointed a primary beneficiary for your living trust. However, have you thought about selecting a contingent beneficiary too? Find out more of the advantages of having a contingent beneficiary for your trust.<\/p>\n
Living trusts, also called revocable trusts, are vital devices for estate planning. When you devise a living trust, you, being the trust’s grantor, put your assets into the trust, but you keep the full benefit of those assets throughout your lifetime. Following your passing away, those assets are then get transferred to the trust’s beneficiaries.<\/p>\n
Dissimilar to irrevocable trusts, being the grantor of a living trust keeps their right to alter the conditions of the trust, like appointing new beneficiaries. They can make such alterations whenever they wish.<\/p>\n