WHAT IS A REVOCABLE LIVING TRUST?

A Living Trust is a legal document that you would set-up during your life-time. 

The Revocable Living Trusts are increasingly popular as a way to avoid probate. It is anticipated that many more Americans will use a Living Trust in the years ahead. 

With a Revocable Living Trust, you ( the Grantor) will place your property in the trust, naming yourself as the Trustee.   As the Trustee, you have the right to revoke the trust so that the property can be returned to the grantor. 

Generally, the trust agreement provides that upon the death of the grantor the property shall go to the named beneficiaries. This automatically avoids all probate of the property. 

The primary purpose of setting up a Trust is the avoidance of the inefficient and expensive probate system. The use of a Revocable Living Trust thus avoids the delays and costs typically involved in the probate courts.

The Living Trust is established by creating a trust document (Declaration Of Trust). The trust document provides instructions for managing the trust property during your lifetime and will also direct the distribution of your property held in trust upon your death.   Moreover, you never lose control of your property because you can always terminate, modify, or revoke the trust and reclaim assets. 

Mission statements – Our Mission is to assist over 3000 families a year with setting up A Living Trust.  

Selection of Successor Trustees

It is imperative that you trust your selected Successor Trustee(s). 

The Successor Trustee is going to be the one responsible for fulfilling the responsibilities laid out in the trust and that they will have a fiduciary responsibility to the beneficiaries. Your Successor Trustee can be a beneficiary as well. The Successor Trustee must manage the trust assets, file taxes and do all the necessary steps in settling the Trust upon the Grantor’s demise. The Successor Trustee is not able to change any of the provisions or terms laid out in the trust. They must carry it out as it is written.

Naming Beneficiaries

The process of naming beneficiaries is like the process followed when preparing your will. You can designate property to specific beneficiaries, or alternately you may leave beneficiaries a set percentage or all of the property in the trust.

It is important to periodically review your designated beneficiaries so that your trust is always up-to-date and accurately reflects how you want to leave your property.

Revocation and Modification of The Trust

The great advantage of the revocable Living Trust is that you have the ability, at any time, for any reason, or for no reason, to modify or revoke the trust. Thus, you never lose control of the property you transfer to the trust. With a stroke of a pen the trust can be revoked or changed. 

Other Documents Included 

A complete Living Trust Document will contain all of the following:

· Declaration of Trust

· Certificate of Trust

· Abstract of Trust

· Power of Attorney for Asset Management.

· Power of Attorney for Healthcare

· Pour-Over Will

· Advanced Health Care Directive

· HIPPA Authorization

· Final Disposition Authorization

PREPARATION CHECKLIST 

THINGS NEEDED TO SET UP YOUR LIVING TRUST

To Begin the Process of Setting up your Trust  you need to gather some information. You will need the following: 

• Your Full Name (s), (Social Security Numbers and  Birthdates, Citizenship info, etc.)
• Address(es) of all the real estate owned
• Copy of Grant Deeds or Deeds of Trust.
• Names and  Birthdates and addresses of your Beneficiaries
• Names and addresses of your Successor Trustees.
• Banking Account Information 
• List of Life Insurance Policies ( Annuities, IRA's)
• Retirement Information
• Timeshares information
• 
  

LIVING TRUST APPLICATION

Once you have gathered the information, please click below to begin the application process.

Living Trust Application Form 

Request An Appointment