Revocable Living Trusts - FAQs Between Yosemite Sam and Foghorn
Leghorn
December 14, 2004
By Kathy Curtis
"Now wait, I say, now wait a minute there!"
screamed Foghorn Leghorn, as he listened to Yosemite
Sam tell him about the need for revocable living trusts.
"You mean to say even though I have a will,
I still need a revocable living trust. That's
just not right," argued Foghorn.
"You heard me right," retorted Yosemite.
"Go ahead. Ask away. I'm sure you have more questions."
Yosemite and Foghorn were on to something very important and life
changing. For many people, the discussion of what happens after
you pass away is down right painful, a fact many people would prefer
to ignore. But, the facts speak for themselves: if you do not have
a living trust upon your passing, the courts - often at their discretion
- will assign who gets what and then probate about 8% of the worth.
Is this the type of legacy you're willing to pass on?
A Legacy Worth Protecting
Your decision to protect your belonging upon your passing is a wise
choice. Here are a few highlights from Yosemite and Foghorn's discussion:
Foghorn: So you're telling me that while I'm still here and kickin'
I can draw up a fancy will about how I want my prize possessions
split among my kin?
Sam: No, a will is different than a trust. A will takes care of
your kin's physical care and how you want to be treated by the physicians
if you're laying on your deathbed. A trust takes care of your possessions
and how you want them split up to back-up trustees and benefactors.
Foghorn: I just am not clear: why call it "living" when
so much of it happens when I'm dead?
Sam: Listen here… you're livin' when you fill out the form
and then transfer your titles into the care of the document. You
may need the trust to work fur you while you're still livin', especially
if you can't manage your own affairs.
Foghorn: Now how about that revocable part? How do I know I want
to revoke?
Sam: You can revoke or change your decisions at any time if you
enact a revocable trust. Supposin' you decide to add Barnyard Dawg
to yur trust as a benefactor, that would be your decision. 'Though
I don't know why?
Foghorn: Can you be a trustee?
Sam: I'd be de-lighted. Of course, it makes more sense for you to
be the designated trustee until you become incapacitated - you know,
no longer able to fend fur yourself without help
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