Free Revocable Living Trust

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Specific Gifts

Frequently Asked Questions
If you wish to revoke your Living Trust, you will need to obtain the written consent of all beneficiaries. How do I distribute the property in the Living Trust?After you die, and after any outstanding debts are resolved, your Living Trust will be distributed between your Beneficiaries.

You may divide up your estate in two steps:

First: Assign specific gifts (if any) to a specific beneficiary. For example you might give a classic car to your favorite nephew.

Second: What is left after you have provided specific gifts is called the remainder or residue of your estate. The residue of your estate will be divided among other people you choose.

Note: A beneficiary may receive a specific gift and also share in the residue of your estate.
Example of a Specific GiftFor example: Your list of assets might include the following:

- 1968 classic car
- Motorboat
- House including furnishings
- Cottage in the country
- Stocks and bonds

You could designate your house including furnishings as a specific gift to one beneficiary and your 1968 classic car as a specific gift to another. If you do not wish to make any other specific gifts then the residue of your estate would consist of your motorboat, your cottage in the country, and your stock and bond holdings.

Revocable Living Trust Information

Alternate Names:

A Revocable Living Trust is also known as:

  • Living Trust
  • Grantor Trust
  • Inter-vivo Trust

What is a Revocable Living Trust?

A Revocable Living Trust is used in estate planning to designate who will receive your property when you die. The term "revocable" means that a trust can be amended or revoked at any time by its creator, and assets can be added or removed from the trust as needed.

Who are the parties in a Living Trust?

  • Grantor/Trustor: The grantor, also called a trustor, is the individual who creates and funds the trust.
  • Trustee: The trustee is the person who will be managing the trust's assets. The trustee is most often the grantor, but he or she may assign someone else to be in control of the trust.
  • Co-grantors/Co-trustees: These two individuals, usually spouses, own and control the trust together. 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?

Property with high monetary value is placed into a trust to protect it until the assets are ready to be transferred to the intended beneficiaries. Some examples include:

  • Real estate
  • Securities, such as stock, bonds, or mutual funds
  • Business interest
  • Bank/cash accounts 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?

To set up a Living Trust, you first create a Revocable Living Trust document and appoint a trustee. You may then list the property you will place in the trust, as well as your beneficiaries.

After executing your Living Trust document properly, you will need to transfer your property into the trust. This can be done by naming the trustee, for the trust, as the owner of your assets.

For instance, if you wish to put real estate in your trust, you need to transfer ownership of your property to that of the trust with a Quitclaim Deed or Warranty Deed, listing the trustee as the owner, for the trust.

Who should have a Living Trust?

Revocable Living Trusts are beneficial for those with complicated estate plans, and a significant amount of assets. With a trust, the individual, as trustee, retains control of their assets until they pass away or become incapacitated. It also allows a successor trustee to easily take over the duties and maintenance of the trust if you are suddenly injured or in an accident, and shields your finances and last wishes from the public probate process.

Other reasons someone might set up a trust is if they own real estate in another state, or wish to ensure ongoing financial support to a loved one after their death.

Those with relatively straightforward estate plans or couples who don't have many assets may not need a Living Trust.

What is the difference between a Revocable Living Trust and a Last Will?

A Living Trust is similar to a Last Will and Testament in that it allows an individual to control what happens to their assets after death. The main difference is that a Living Trust does not need to go through probate, therefore lowering the cost and time it takes to distribute your assets after death.

Much like an executor carries out estate plans in a will, a successor trustee carries out the instructions in a Living Trust.

If you create a Living Trust, you still need to have a Last Will and Testament for any property you left out of the trust.

What is the difference between a Living Trust and a Living Will?

A Living Trust and Living Will are both used in estate planning. However, a trust is intended to secure assets, and control property, whereas a Living Will is a document used to spell out your medical wishes for your family and health care representatives if you suddenly become incapacitated.

Related Documents:

  • Last Will and Testament: a document that allows you to control where your assets go after death, and to name guardians for dependent children
  • Living Will/Health Care Directive: a document used to express your medical wishes should you ever become unable to make health care decisions for yourself
  • Quitclaim Deed: a document used to transfer a property title between two parties, without the warranties of a full, clear title
  • Warranty Deed: a deed used by a seller to transfer property, with the guarantee of a clear title, to a buyer

Related Articles:

Frequently Asked Questions:

Living Trust FAQ
Living Trust Sample


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