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A living trust is created for the purpose of holding ownership of an individual’s assets during the person’s lifetime, and for distributing those assets after their death. It is also one of the most effective and common methods used to avoid probate. This book will show you how to:
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Overview The problem of probate fees is compounded by the fact that many of a deceased’s assets are frozen until the probate process is complete. This means that the beneficiaries will not be able to get access to them. This can impose unnecessary financial hardships on families as they wait months and sometimes years to have their loved one’s assets released from probate. Fortunately probate can all be avoided by simply creating a revocable living trust! With a normal trust, one party (known as the “trustee”) agrees to hold the ownership of and manage one or more assets on behalf of the owner (known as the “grantor”). Revocable living trusts are very similar except that, unlike other trusts, you will be both the grantor and the trustee thereby allowing you to retain control of your assets after you transfer them to your trust. It’s quite easy to create a revocable living trust. All you need to do is simply complete and sign a living trust agreement. Once the trust is established (which happens on signing), you then transfer some or all of your own personal assets into the name of the trust. In turn, as trustee, you take over the management of those assets while they are in the trust. When you die, the assets in the living trust are distributed by the person named in your living trust agreement as the successor trustee (this is very like an executor) in accordance with the terms of the living trust agreement – in much the same way as an executor distributes assets under a last will & testament. Similar to a Will, you can specify who receives the trust assets. However, as the assets are held in the name of the trust rather than in your personal name, they will not form part of your estate for probate purposes. They will therefore not need to go through the probate process and can be distributed relatively quickly when the time comes. Best of all, as it’s a revocable living trust, you can terminate the living trust at any time you wish and have the assets transferred back into your name! Luckily, it’s neither difficult nor expensive to make a living trust. To help you, our team of estate planning lawyers have created a straightforward and easy to understand guide that will bring you you step-by-step through the process of creating your very own living trust, transferring assets to your living trust and much more. It even shows you how to revoke your living trust if you wish to. |
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In Make Your Own Living Trust and Avoid Probate, we’ll tell you all you need to know about living trusts, their advantages and disadvantages, the tax implications, the alternatives to living trusts and much more. We’ll also show you how to:-
With detailed information, easy-to-follow instructions, helpful worksheets and all of the forms necessary, we show both individuals and couples how to avoid the otherwise inevitable delays and costs of probate by preparing on their own revocable living trust and employing other simple probate avoidance strategies.
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Buy Now! And ensure that your family's inheritance isn't wasted on unnecessary probate and lawyer fees! Enjoy the Peace of Mind that comes with knowing that your loved ones won't be waiting months or even years to receive their inheritances!
An Introduction to Living Trusts and
Probate
Chapter 1 - Probate and Why People Try to Avoid
it
Chapter Overview
Overview of the Probate Process
What are
the Steps Involved in Probate or Intestate Administration?
How Long Does it
Take?
How Much will Probate Cost?
Disadvantages of Probate
Advantages
of Probate
Conclusion
Chapter 2 - Probate Avoidance
Measures
Chapter Overview
Introduction
Advantages and
Disadvantages of Probate
Avoidance Measures
Payable on Death or Transfer
on Death Accounts
Transfer on Death Securities
Retirement
Accounts
Joint Accounts
Custodial Accounts
Savings Bonds
Life
Insurance Proceeds
Joint Ownership of Property
Joint Tenancy
Tenancy by
the Entireties
Community Property
Revocable Living
Trust
Gift
Probate Free Transfers of Assets
Transfer of
Vehicles
Simplified Transfer Procedures for “Small
Estates”
Chapter 3 - An Introduction to
Trusts
Chapter Overview
What exactly is a Trust?
The Origin of
Trusts
Basic Types of Trusts
What Exactly are Living Trusts?
Parties to
a Living Trust
The Development and Growing Use of Living
Trusts
Chapter 4 - Advantages and Disadvantages of Living
Trusts
Chapter Overview
Advantages of Using a Living
Trust
Avoids Probate
Saves Money
Avoids Publicity
Provides
Protection During Incapacity
Management of Children’s
Inheritance
Flexible
Inexpensive and Easy to Create
Peace of
Mind
Disadvantages of Living Trusts
Failure to Fund the Living
Trust
Doesn’t Completely Avoid Delays in Distribution of Assets
Lack of
Court Supervision
No Real Tax Savings
(i) Income Tax
(ii) Estate Tax
Limited Financial Savings for Smaller Estates
No Protection from
Creditors
A Will is Still Required
Capable of Being Challenged
Chapter 5 - Types of Living Trusts
Chapter
Overview
What Type of Trust do You Need?
Living Trust for an
Individual
Living Trusts for Couples
Individual Living Trusts
Basic
Shared Living Trusts
Basic AB Trusts
How Does an AB Living Trust
Work?
Disadvantages of an AB Living Trust
AB Disclaimer
Trust
Conclusion
Chapter 6 - Successor
Trustees
Chapter Overview
The Role of the Initial
Trustee
Appointing a Co-Trustee
Appointing a Successor
Trustee
Appointing an Alternate Successor Trustee
The Role of the
Successor Trustee
Should Trustees Get Paid for Their Work?
Who is entitled
to act as a successor trustee?
Whom Should You Choose as a Successor
Trustee?
Successor Trustee’s Duties and Responsibilities
The Duty to
Adhere to the Terms of the Trust
Duty to Secure Assets
The Duty to Act
Personally
The Duty to Act in the Best Interests of the Beneficiaries
The
Duty to Account
The Duty to Supply Information
The Duty to Invest
Prudently
The Duty to Carry out Duties Without Payment
The Duty to not
Benefit Personally from the Trust
Keeping Trust Assets Separate
Paying
Taxes, Claims and Expenses
Making Payments from the Trust
Changing
Trustees
Removing a Trustee
Conclusion
Chapter 7 - Making
Gifts Under Your Living Trust
Chapter Overview
Types of Gifts
Under a Living Trust
Specific Item Gifts
Cash Gifts
Gift of the
Residuary Trust Estate
What is a Beneficiary?
Types of Beneficiaries Under
a Living Trust
Specific Gift Beneficiary
Alternate Beneficiary
Residuary Beneficiary
Beneficiaries Under a Shared Trust
Gifts to
Spouses
Community Property States
Common Law States
Gifts to Minors
Custodianship
A Child’s Trust
A Family Pot Trust
Gifts to
Charities
Failed gifts
Disinheritance
Disinheriting Your
Spouse
Disinheriting Your Child
Management of Children’s
Property
Options for Property Management
Appointment of a Property
Guardian
Uniform Transfer to Minors’ Act
Child
Trusts
Chapter 8 - Estate Taxes
Chapter
Overview
Estate Tax
Federal Estate Tax
State Death Tax
State Estate
or Death Taxes: Paid by the Estate
State Inheritance Taxes: Paid by the
Recipient of Property
“Pick-up” Taxes
Marital Deductions
Charitable
Deductions
Other Ways to Reduce Estate Taxes
Lifetime Gifts to Children
and Grandchildren
QTIP Trust
Irrevocable Life Insurance Trusts
Family
Limited Partnerships
Private Annuity
Qualified Family Owned Business
(QFMOB)
Special Use Real Estate Valuation
Conclusion
Chapter 9 - Transferring Assets to Your Living
Trust
Chapter Overview
Introduction
What Assets Should be Put
in Your Living Trust?
Title to Assets Transferred to a Living
Trust
Employer Identification Numbers
How to Transfer Specific Property to
a Trust
Real Estate
Types of Deed
Title
Insurance
Mortgage
Out-of-State Property
Homestead Rights
Tax on
Transfer Deeds
Tangible Personal Property
Cars, Boats and Other
Vehicles
Cash Accounts
United States Savings Bonds
Broker
Accounts
Publicly Quoted Stocks and Bonds
Retirement Plans
Life
Insurance/Annuities
Other Property
Chapter 10 - Executing and
Making Changes to Your Living Trust
Chapter Overview
Executing
Your Living Trust
Reviewing Your Living Trust
Amending Your Living
Trust
Transferring or Removing Property From Your Living Trust
Revocation
of Your Living Trust
Chapter 11 - Administration of the Living
Trust Following the Grantor’s Death
Chapter Overview
What Must
the Successor Trustee Do When the Grantor Dies?
Obtain Certified Copies of
the Death Certificate
Obtain Tax Identification Number for the
Trust
Notify Beneficiaries
Collection and Management of Trust
Assets
Claim Life Insurance Proceeds
Gain Access to Bank Accounts and
Other Financial Accounts
Identify Debts Owed by the Grantor
Maintain
Proper Accountings of Trust Assets
Preparing and Filing Tax
Returns
Federal Estate Tax
Income Taxes
Trust Income Tax
Returns
State Taxes and Pick-up Taxes
Transferring Property to
Beneficiaries
Administering a Child’s
Trust
Conclusion
Chapter 12 - Ancillary Estate Planning
Documents
Chapter Overview
What is a ‘Pour-Over
Will?’
Avoiding Conflict Between Your Living Trust & Will
Planning for
Incapacity – Durable Power of Attorney for Finance and Property
Planning for
Incapacity – Advance Healthcare Directives
Living Wills
Healthcare Power
of Attorney
Conclusion
Appendix 1 - Instructions for
Completing Your Documents
Revocable Living Trust for an
Individual
Revocable Living Trust for a Couple
AB Revocable Living Trust
for a Couple
Deed of Assignment for Use with a Revocable Living Trust for an
Individual
Deed of Assignment for Use with a Revocable Living Trust for a
Couple
Certification of Trust for Use with a Revocable Living Trust for an
Individual
Certification of Trust for Use with a Revocable Living Trust for a
Couple
Revocable Living Trust Agreement (Amendment Agreement) for an
Individual
Revocable Living Trust Agreement (Amendment Agreement) for a
Couple
Notice of Revocation
Appendix 2 - Revocable Living
Trust Documents
Appendix 3 - Miscellaneous clause for
use in a Revocable Living Trust Agreement
Appendix 4 -
Deed of Assignment
Appendix 5 - Certification of
Trust
Appendix 6- Revocable Living Trust Ammendment
Agreements
Appendix 7 - Notice for Revocation of a
Living Trust Agreement
The following forms are included with this
book:-
Living Trust Forms
Revocable living trust
agreements
Deeds of assignment
Certifications of trust
Revocable living trust amendment agreements
Notice of revocation
Estate Planning Worksheet
Windows
You will be using documents which have been prepared, reviewed and pre-approved by lawyers with years of estate planning experience.
You will be using tried and tested documents specifically tailored to comply with the legal requirements applicable in your state.
Your documents will contain advanced lawyer-approved provisions not usually found in standard run-of-the-mill online documents.
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