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What is a Living Trust?

For the purposes of this article, and because a large majority of people choose this form of trust, we will be specifically talking about revocable living trusts.

A  revocable living trust is a type of trust that allows the owner of the trust, referred to as the initial trustee, to transfer assets in and out of the revocable living trust and to spend any of the money in the any accounts owned by the trust, for as long as that owner remains the trustee.

In other words, when you have a revocable living trust, you manage all of the assets in it same as if the assets were in your name only. You just go about doing it in the name of the trust.

The name living trust includes the word “living” because the trust is created and used during the lifetime of the initial trustee.

How to Fund a Revocable Living Trust

Once the living trust has been created, it must be funded to have any value at all. A living trust into which no assets have been transferred is simply a document with no power at all.

These are assets that must be transferred into the living trust which is called funding the trust:

• Any real estate: this is done by quit-claiming the real estate into the name of the trust. For instance, say John and Jane Everyman own their own home, and want to be sure their children can immediately have access to that asset upon their demise or should they both become incapacitated. By quit-claiming their house into their revocable living trust ensures this will can happen.
• Bank accounts:  typically, a complete living trust package includes a trust summary, a one page document you can take to your bank(s) to change the name of your account(s) from yours to the name of your living trust. You are the only one with access to the account until it comes time for your Successor Trustee to take over.

What you don’t need to transfer to your living trust:

• Life insurance policies: you have already named a beneficiary and there is no need to do it again in the trust.
• 401K, IRAs, and many other retirement accounts: these types of accounts cannot be placed in any type of trust because they must be owned by individuals. Nevertheless, you can name a beneficiary at the  time you set up your account.
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whether it be the individuals previously named as successor trustees and, or, beneficiaries, and any of the property in the trust, including quit-claiming real property in and out of the trust, such as a house or houses, change the beneficiary(ies) of an art collection, vehicle(s), jewelry, or anything else of value.

How to Transfer Assets In and out of the Living Trust

A Living Trust Avoids Probate

Besides directly transferring your assets to your heirs, rather than your heirs having to deal with probate, a Revocable Living Trust has the added benefit of keeping your wishes and beneficiaries private instead of your affairs becoming public as they do when going through probate.

 This is because the assets are distributed to the heirs privately by the Successor Trustee who basically automatically takes over after the demise of the Initial Trustee. Probate Court does not become involved at all.

However, if some property was inadvertently left out of the trust, or the initial Trustee passed away before the property could be transferred into the Revocable Trust, then, the parts of the estate not yet transferred into the trust will undergo probate. With a Pour-over Will, however,  bequeathing all remaining assets to the Trust, then it’s just a matter of the Probate Court turning all remaining assets to the Revocable Living Trust to be distributed to the beneficiaries of the trust by the Successor Trustee. All of the trusts we create include a Pour-over Will.

What Happens Once the Successor Trustee Takes Over

Powerful Reasons to Choose this Living Trust Package

• affairs if you become incapacitated or pass away.

  Protect Your Family with a Nevada Living Trust
   
  A Revocable Living Trust is one of the most important estate planning documents you can have. It helps protect your assets, avoid probate, and makes it easier for your loved ones to manage your affairs if you become incapacitated or pass away.
   
  At Nevada Document Solutions, we prepare personalized Living Trust packages based on the information you provide. Our goal is to make the estate planning process simple, affordable, and stress-free.
   
  Every Living Trust package also includes a Living Will / Advance Healthcare Directive at no additional cost. A Living Will allows you to document your healthcare wishes if you are ever unable to communicate them yourself.
   
  Life is unpredictable. Having your Living Trust and Living Will completed now can provide peace of mind, help protect your family, and ensure your wishes are documented before they are ever needed.
   
  Please note: Nevada Document Solutions is a non-attorney document preparation service. We are not a law firm, do not provide legal advice, and do not represent clients in court.

  $699 INCLUDES IT ALL

• * Married Couples $750
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• Quitclaim Deed
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