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At the end of each page, there is "Download" button for the forms you are looking form if the forms don't display properly on the page, the Word or Excel or PDF files should give you a better reivew of the page. Related Templates Advance Directive Template. Deed of Gift Template. The trustee is most often the grantor, but if the grantor is not the trustee, the trustee will have control over the trust assets even while the grantor is alive.
When one co-trustee dies, the other assumes full responsibility for the trust. Successor Trustee: The successor trustee is the individual appointed to retain control of the trust when the primary trustee passes away or becomes incapacitated. What types of property can go into a Living Trust? Some examples include: Real estate Securities, such as stock, bonds, or mutual funds Business interests, such as company shares and partnership interests Bank accounts, cash, and notes payable Valuable personal property, such as jewelry, artwork, antiques, and more Typically, property with low monetary value or assets that need to be insured, like vehicles, are not placed into a trust.
How do I make a Living Trust? Who should have a Living Trust? What is the difference between a Living Trust and a Living Will? Print or download in minutes. Create Your Living Trust. Create your free Living Trust today. Get Started.
Help your friends and family members get their affairs in order by sharing:. Start by clicking on "Fill out the template". Your document is ready! You will receive it in Word and PDF formats. You will be able to modify it. A Living Trust , also known as a Revocable Trust, is an Agreement created by a person, known as the Grantor , to hold some portion of their assets during their lifetime.
The Trust provides for payment of income to the Grantor and the distribution of the remaining Trust assets once the Grantor dies. The person in charge of managing the Trust is known as the Trustee.
The Trustee can be the Grantor themselves, a bank, or some other third party that the Grantor feels confident will be able to responsibly manage the assets of the Trust. Most Trusts provide that the Grantor will serve as the initial Trustee to manage the assets of the Trust until the Grantor becomes disabled, would prefer to have another party manage their affairs, or dies. At this time, a new individual, known as the successor Trustee will step in to manage the Trust and make distributions as necessary and appropriate.
A Revocable Living Trust also allows for the Grantor to amend or revoke the Trust at any time by providing to the Trustee appropriate written amendments or restatements signed by the Grantor. During the Grantor's lifetime, they will receive payments of the net income of the Trust at pre-determined intervals. Once the Grantor dies, the Trust designates who will receive the assets from the Trust, similar to a Will.
These distributions can be specific gifts to individual beneficiaries, such as an amount of money to charity or a favorite piece of jewelry to a child.
The distributions can also be the residue, or the remaining assets not given away as specific gifts, such as all of the Grantor's remaining personal property included in the Trust. The Trustee is responsible for administrating the Trust and making the distributions as described in the Trust Agreement. Once the assets have been distributed, the Living Trust is then dissolved.
A Living Trust offers your beneficiaries many advantages, especially when compared to a Will. The advantages of Living Trusts include the following:. That being said, drafting a Will is still highly recommended. There may be property that you have forgotten, neglected or acquired after creating your Living Trust.
Any assets left out of the trust will be subjected to probate. A Pour Over Will is helpful in these cases. This legal document should include provisions for all of these phases of life. Your living trust should include all of the specific arrangements for your assets in health, illness, and death, as mentioned above. Many people wonder what types of assets belong in a trust. Here are a few of the most common assets types that may be included:. You may also wish to add your life insurance policy to the trust, though that depends on the laws in your state with regard to trust protection from lawsuits and debts.
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What is a Revocable Living Trust? The Consequences of Not Having a Revocable Living Trust One major consequence of not having a living trust is the lack of protection for yourself and your family in the event of your death — but another consideration is if your own health declines. Like a will or any other end of life arrangements you make, this document should be set in place while you are of sound mind.
Because you may experience life and family dynamic changes, you should also pay attention to your trust on a scheduled basis.
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