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The __________ Revocable Living Trust
I, __________, presently of __________, Alabama, (the "Grantor") declare and make this revocable living trust (the "Living Trust"). This Living Trust will be known as The __________ Revocable Living Trust.
BACKGROUND:
IN WITNESS WHEREOF, the party hereto has signed their name on this the ________ day of ________________, ________ in __________, Alabama, declaring and publishing this instrument as the Grantors' Living Trust.
___________________________________ (Grantor)
ACKNOWLEDGEMENT OF NOTARY PUBLIC
Schedule A
The Grantor assigns, conveys and delivers to this Living Trust, all of the rights, title and interest, tangible or intangible, to the following properties, real or personal:1. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
A Revocable Living Trust is also known as a/an:
A Revocable Living Trust is an estate planning tool that designates who will receive your property when you pass away. 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.
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:
Typically, property with low monetary value or assets that need to be insured, like vehicles, are not placed into a 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.
Revocable Living Trusts are beneficial for those with a significant amount of assets like real estate, businesses, and stocks and bonds.
With a trust, the trustee retains control of the assets in the trust until the grantor or trustor passes away or becomes incapacitated. It also allows a successor trustee to easily take over the duties and maintenance of the trust if the trustee is suddenly injured or in an accident.
A Living Trust avoids the public probate process, which means that assets get distributed to beneficiaries or heirs much quicker, usually in a matter of weeks rather than months or years.
Those with relatively straightforward estate plans or who don't have many assets may not need a Living Trust. Instead, they may wish to use a Last Will and Testament to distribute their assets and name beneficiaries.
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 Last Will, a successor trustee carries out the instructions in a Living Trust.
If you create a Living Trust, you still need to use a special Last Will and Testament, called a Pour-Over Will, for any property you left out of the trust.
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.
Sample
Living Trust
Create Your Living Trust
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