CATEGORY: Living Trust Questions

Answers to Frequently Asked Living Trust Questions

Can Multiple Successor Trustees be Named in Standard Legal’s Living Trust?

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?

Is Any One States’ Laws Better Than Others for a Living Trust?

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?

Can I Name a Contingent Beneficiary in a Standard Legal 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?