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. Continue reading Can Multiple Successor Trustees be Named in Standard Legal’s Living Trust?
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. Continue reading Is the Situs of a Trust 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. Continue reading Is Any One States’ Laws Better Than Others for a 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. Continue reading Can I Name a Guardian for a Child in My Living 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? Continue reading How Do I Update a Trust with a Date in 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. Continue reading Can a Last Will Be Used to Set Up 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. Continue reading Living Trust Grantor and Trustee the Same Person?
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. Continue reading Transfer Outside House to Trust or Simply Will It?
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. Continue reading What is a Certification of Trust?
Standard Legal’s Living Trust Agreements generally fall into one of two categories: Trusts that pass property to the Grantor’s children; and Trusts that pass property to specifically named beneficiaries
For both of these types of Standard Legal Trusts, the Grantor can choose a how to distribute property to his/her named Beneficiaries if any of these individuals predecease (pass away before) the Grantor.
The choices are “per stirpes” or “per capita.”
And the choice of distribution provides a structure for addressing for contingent Beneficiaries. Continue reading Can I Name a Contingent Beneficiary in a Standard Legal Trust?