Revocable Living Trust Agreement

A revocable living trust agreement is an agreement between you (as “grantor”) and you (as “trustee”) of the living trust.

A grantor is simply the person who creates the living trust and transfers assets to it. The trustee is the person who receives the transfer of those assets on behalf of the trust, and them manages those assets on behalf of the beneficiaries named in the trust.

In your role as grantor, you can transfer assets to the living trust using a simple deed of assignment or, in the case of real estate, a deed of transfer. Once the transfers have been made, it’s over to the trustee to manage those assets.

By transferring assets out of your personal name and into the name of a living trust, they cease to be your assets. Although, as this is a revocable (as opposed to irrevocable – and that’s important) living trust, you can tell the trustee (i.e. yourself) to transfer the assets back to you any time you wish.

As the assets in the trust have ceased to be your assets (legal speaking), they cease to form part of your estate for probate purposes. As such, when you die, those assets will not be caught up in the probate process. Instead, somebody you name in the living trust agreement as a successor trustee (which is a little like an executor of an estate) distributes the trust assets to the beneficiaries named in the trust agreement (again, similar to the way a Last Will and Testament works). Fortunately, there is no court process to go though. So, unlike probate, the assets can be distributed to beneficiaries very quickly following the grantor’s death, and usually in the space of a few weeks.

Similar to the position with a will, you can use your revocable living trust to make gifts to loved ones (including the gift of specific trust assets and the residue or balance of the trust assets after all specific gifts have been made), provide for property guardians on behalf of young beneficiaries (including under UTMA provisions), and even provide for the management of the trust assets during any period in which you are incapacitated and unable to perform the role of initial trustee. In that instance, the ‘successor’ trustee named in the living trust agreement will have the power to step in and manage the assets on your behalf and help avoid any losses that might otherwise occur.

This Revocable Living Trust is Agreement is for someone who is single and comes as a downloadable Word form. It also comes complete with guidance instructions on how to fill in and execute the agreement, as well with as a variety of sample clauses including UTMA custodianship and child trust provisions.

** Recommendation: If you are not completely familiar with making a living trust, we recommend that you purchase our Living Trust Kit instead. The kit not only contains all the forms necessary for you to make a living trust but also includes a detailed overview of all of the items you need to consider when making a living trust.

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