You can create a revocable trust (sometimes called a living trust) and transfer most, if not all, of your assets into this trust. Then you can be the trustee and beneficiary of your revocable trust, making the decisions about trust assets and collecting any cash paid out by the trust.


If you become unhappy with your trust, you can scrap it and re-take personal ownership of the assets. Advantages:


Incapacity protection: When you create your revocable trust, you can name a co-trustee or successor trustee. If you become incompetent (as determined under the terms of the trust document), the individual you have named as co- or successor trustee will take over the management of trust assets, seamlessly and privately. Your replacement trustee will have a fiduciary responsibility to preserve the trust assets and use them to provide for you, the trust beneficiary.


Probate avoidance: At your death, trust assets won