Living Trust Kit
A revocable living trust allows you to avoid the costs and delays usually associated with probate; as well as provide for the management of assets during any period in which you are incapacitated.
This self-help legal kit includes step-by-step instructions, detailed information and all the legal forms necessary to make a revocable living trust without the need or expense of engaging a lawyer.
- Prepare a living trust quickly and easily.
- Avoid the costs and delays of probate.
- Protect yourself during incapacity.
- Step-by-step instructions.
- Lawyer approved legal kit.
- Valid in all states (except Louisiana).
Due to increased media attention, most of us are now aware of the substantial costs and delays usually associated with the probate of an estate. Fortunately, many of these problems can be avoided by simply creating a living trust.
A living trust is a trust used for the purpose of avoiding probate. They are fairly easy to set up and simply involve completing and signing a living trust agreement in which you name yourself as both the grantor (the creator of the trust) and the trustee (the manager of the assets transferred into the trust) of the trust. Once the trust is set up, you (as grantor) then transfer some or all your assets to the trust. As trustee, you then take over management of the trust assets. By acting as both grantor and trustee of the trust, you maintain control over the trust assets.
As grantor, you can revoke the living trust at any time and have the assets in the trust immediately transferred back to you in your personal capacity and free from the trust.
You can also name a successor trustee in your trust agreement who will have the power to manage the trust assets in accordance with the terms of the trust agreement if you become incapacitated and unable to do so yourself.
When you die, the assets in the trust are distributed by your named successor trustee (like an executor) to the beneficiaries named in the trust agreement – in much the same was as under a will. However, the important part to remember is that since the assets are held in the trust’s name rather than in your personal name, they will not form part of your probate estate. As such, they will not need to go through probate and can be distributed to the beneficiaries named in your trust quite quickly after your death.
This self-help legal kit provides you with step-by-step instructions, detailed information and all the legal forms necessary to help you create your own revocable living trust and avoid probate.
- Avoid probate.
- Provide for the management of your trust property during incapacity.
- Make gifts to your loved ones and charities.
- Make property management arrangements for young beneficiaries.
- Much More!
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Table of Contents
Using Self-Help Kits
Probate and Why People Try to Avoid It
Introduction to Probate
Probate Avoidance Measures
Pay-on-Death or Transfer-on-Death Accounts
Life Insurance Proceeds
Joint Ownership of Property
Probate Free Transfers Of Assets
Transfer of Vehicles
Revocable Living Trusts
What Are Revocable Living Trusts?
Advantages of Living Trusts
Disadvantages of Living Trusts
Types of Living Trust
Living Trust for an Individual
Living Trusts for Couples
Trustees and Successor Trustees
The Initial Trustee
Appointing a Co-Trustee
Gifts and Beneficiaries
Types of Gifts under a Living Trust
Specific Item Gifts
Gift of the Residuary Trust Estate
What Is a Beneficiary?.
Types of Beneficiaries under a Living Trust
Specific Gift Beneficiary
Beneficiaries under a Shared Trust
Gifts to Spouses
Community Property States
Common Law States
Children, Guardians and Property Management
Management of Children’s Property
Uniform Transfer to Minors’ Act
Transferring Assets to Your Living Trust
Transfer of Assets
What Assets should be put in Your Living Trust?.
Title to Assets Transferred to a Living Trust
Transferring Property to Your Trust
Cars, Boats and Other Vehicles
United States Savings Bonds
Publicly Quoted Stocks and Bonds
Making, Amending & Revoking Your Living Trust
Making Your Living Trust
Reviewing Your Living Trust
Amending Your Living Trust
Transferring or Removing Property from Your Living Trust
Revocation of Your Living Trust
Other Ancillary Documents Required
Appendix 1 - Living Trust Worksheet
Appendix 2 - Instructions for Completing Your Documents
Appendix 3 - Revocable Living Trust Documents
Appendix 4 - Miscellaneous Clauses for Use in a Revocable Living Trust Agreement
Appendix 5 - Deed of Assignment
Appendix 6 - Notice of Revocation of a Living Trust
The following forms are included with this kit:-
- Revocable Living Trust Agreement for a single person
- Revocable Living Trust Agreement for a married couple (or a couple in a registered partnership)
- Deed of Assignment – transfers assets to and from a living trust
- Certification of Trust – form required to enable the trustee(s) to deal with financial institutions
- Notice of Revocation of a Living Trust - form used to terminate a living trust and have the trust assets returned to the grantor(s)
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