In determining the structure of a new Living Trust, the Estate Tax Exclusion is a consideration in choosing whether to create a Single, Joint or A/B Trust.
The language that is included within the mortgage document is critical in evaluating what steps should be taken when transferring to a Living Trust any real estate that is still tied to a loan.
A Certificate of Trust contains the “highlights” of the Trust document itself.
The trust documents offered by Standard Legal are for Revocable Trusts, by choice.
The answer is simple: the Trustees named within the Trust documents simply follow the directives set forth in those documents.
If a Living Trust document allows the property it holds to be distributed to the heirs following the death of the donors, the Trustee named in the Trust would simply execute a Quitclaim Deed transferring title of the property from the Trust to the beneficiary or beneficiaries named in the Trust.
The answer to whether or not a Trust requires a Federal Tax ID number depends upon the type of Living Trust that is created.
Upon the death of the Maker, the assets of a Will or Trust become the property of the named beneficiaries.
Because each document in a Living Trust (i.e. the Trust itself, Durable Power of Attorney, Health Care Power of Attorney, Pour Over Will, HIPAA Agent, and Personal Representative documents, etc.) performs or provides a different service or function, preparing an amendment for each document would be most prudent.
Yes. If a CD (or any similar asset) is designated as ‘payable on death’ to the Trust, then that asset would be paid to the trust without the need to take any additional steps.