A Trust does not transfer to a Beneficiary upon the death of the Grantor. Instead, the property or assets of the Trust transfer to the Beneficiary.
Standard Legal does not offer a Declaration of Trust (although some Trust Agreements are entitled “Declaration of Trust”). However, we do offer a “Memorandum and Certificate of Trust” to accomplish many of the same goals.
Revocable Trusts are tools that allow one to own assets and property in a manner that avoids the necessity of probate upon the death of the trust Grantor(s).
An A/B Trust is an estate planning document that was originally designed to not only provide the probate avoidance benefit, but also to avoid or minimize federal gift and estate tax consequences for a married couple.
However, the use of an A/B trust can be somewhat complex and can limit flexibility of trust asset ownership for a surviving spouse in a marriage.
Standard Legal does not include a Declaration of Intent with its Living Trust legal forms software. For good reason.
Standard Legal drafts all of its legal forms to meet the most common situations. A single successor Trustee is the most common structure for a Revocable Living Trust.
But if a user is intent on naming multiple successor Trustees, the provided Trust Amendment form is one way to achieve that structure.
The situs of a Trust — i.e. the location of its forming — may be a key element when designing an Irrevocable Trust, a Legacy Trust, a Self-Settled Trust or a trust that provides asset protection under a state’s common law or statutory law.
But for a basic Revocable Living Trust, the situs is less important.
The primary purposes of a properly funded Revocable Living Trust is to avoid probate. If the Grantor’s real and personal property is properly transferred to the Living Trust, then such property is not subjected to the probate process upon the grantor’s death.
As such, the probate process — of Missouri, Nevada or any other state for that matter — becomes less important, given the fact that the probate process is by-passed by the use of a properly funded Revocable Living Trust.
When a person wishes to create a Living Trust on behalf of their family, there are steps that can be taken to allow the family to indicate guardianship wishes as a part of that Trust.
The assets of a Trust are titled to that Trust. So how is an update made to a Trust that has the creation date as a part of its name?
While it is legally possible, Standard Legal believes that a Last Will & Testament is most appropriate for designating beneficiaries and for outlining the desired methods of distribution of property upon death, but not for creating a Trust.