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.
Standard Legal’s Living Trust software is set up to initially make the Grantor and Trustee one in the same. But this requirement is not permanent, nor does it force that person to stand alone.
Say a person owns both a home and has a Trust, but the home is not included within that Trust. What is the best way to pass that home on to beneficiaries?
The answer depends on what the current owner cares to do with the property.
A Certification of Trust permits the Grantor or Trustees of a Trust to provide required information regarding the Trust to those that need or want it.