The Second Quarter Living with Your Living Trust During the Lifetimes of You and Your Spouse
Having read the previous chapters, you now know that the Living Trust is an after-death power of attorney that contains the inheritance instructions of your spouse and you. But, notice the word living in Living Trust? Even though the Living Trust is, at its core, an inheritance document, you still have to know how to use it during your joint lives. In other words, I have gotten you through the part about knowing what the football is; now I have to provide you with drills so that you learn how to throw it.
Fortunately, the care and feeding of your Living Trust during the joint lifetimes of you and your spouse is not a high-maintenance endeavor. Remember, you are the Living Trust . . . the Living Trust is you. You continue to manage your daily financial affairs as if you did not have one.
Still, there are several matters that pop up that directly involve your Living Trust, such as what to do when you sell real estate or what you should tell your children about the establishment of your Living Trust. The purpose of this Second Quarter is to train you so you can better recognize those matters and respond accordingly.
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