Meagan Silva is the second generation of lawyers at the Silva Law Firm. The benefit of a second generation lawyer in the firm will assure that we will be here in the future to assist your family in their time of need. One of the biggest mistakes we see is that a family will make a living trust and then fail to transfer the assets into the "name of the trust". For most folks, their most valuable asset is their home. As part of our services we will prepare the transfer deed and have it recorded at the hall of records. Patrick Silva is the founder of The Silva Law Firm. He has been helping clients with their Living Trust needs since 2001.
A living trust or revocable" trust is a written legal document through which your assets are placed into a trust for your benefit during your lifetime and then transferred to designated beneficiaries at your death by your chosen representative, called a "successor trustee." Below are some examples of the language we use in our documents.
We hereby designate ourselves as the primary trustees of this trust. As long as both of us are alive, either or both of us may exercise dominion and control over any and all of the trust assets. Upon the death of one of us, the survivor shall continue to act as the primary trustee of this living trust with full power and authority to deal with any and all of the assets of this trust in any manner that said survivor sees fit, except as otherwise limited under Article Two of this living trust.
We designate JACK as the successor trustee of this trust. Our successor trustee is to assume the duties as trustee hereunder upon the resignation of both of us or the survivor of us, the death of the survivor of us, the disappearance of both of us or the survivor of us, or if both of us or the survivor of us is certified in writing to be incompetent as provided under Article Five of this Declaration of Trust. Except as otherwise specified within the provisions of this Declaration of Trust, in the event of the incompetency or resignation of both of us or the survivor of us, our successor trustee is to use the income and assets of this trust exclusively for the health, education, support, and maintenance of both of us or the survivor of us.