A Living Trust is the common designation for a Revocable Intervivos
Trust. This is a declaration by a Settlor or Trustor that he
or she or they holds personal and real estate in a Trust that will
be managed by an appointed Trustee. This is a device used to
avoid probate and to make an estate plan private. The Probate
Process is a court proceeding to establish the validity of a Will
and is public for any to see. Fees and costs will exceed the
set up and administration of a decedent’s estate that is passed by
use of a Trust in almost all cases.
The Trustors (Settlors) can control the management and distribution of
their property through a Living trust.
Sample Trust:
Trust
We hereby establish the ABC Trust.
We are the initial Trustors and
Trustees with joint powers
We hold the assets on Schedule A
in this trust
Upon death or total incapacity of
either H or W then the survivor shall serve as Trustee and upon both
our deaths our Son Joe shall serve as the Trustee with all powers.
Upon our demise, the Trustee is to
give our property to:
Joe, Jane and the SPCA share and
share alike.
Signed on this ___ Day of ____
2014 at Belmont, California
____________________
__________________
Ann
Jim
A living trust form is used to prepare your estate. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of the named beneficiary, usually the creator of the trust (settlor).
We do a grant Deed to place the home or other real Estate into the Trust.
A Certificate of trust is used to place liquid assets like CDs and bank accounts into the trust.
Property that is not in the Trust may have to be probated in court, so funding a Trust can be very important.