Wills and Living Wills Article


Revocable Living Trust

A trust is a contract between yourself as the Trustmaker/Grantor/Settlor/Trustor and yourself (typically) as Trustee (the person that manages the trust). You can change or revoke the trust at any time that you have capacity.


You can specify who determines your disability. You can set out the terms of the trust to handle distribution while you are alive and well, alive and disabled, and not alive. The trust handles both disability and providing for your beneficiaries. You can set the terms for how and when your beneficiaries receive assets from the trust. If the beneficiary has disabilities, a special needs trust may be appropriate.


You may want assets held in trust for a minor beneficiary. If a beneficiary is going through bankruptcy or has creditor issues, you may want to draft the trust so that the beneficiary cannot demand the money from the Trustee. Sometimes trusts are set up to provide protection in event of divorce (if the beneficiary receives the money outright and then commingles it with spouse, it can be hard to trace what is left, if anything, if the inheritance and amounts not traceable are included in what is divided in the divorce).


Consult an estate planning attorney to review your goals/wishes and the various options in this area.


Make sure you properly fund your trust after signing it and review all beneficiary designations to make sure they meet your wishes. It will be frustrating for your Trustee to not only have to do the trust administration but also the probate because you “forgot” to change title on an asset into your trust.


Comments:

QUESTIONS

  • I am on a fixed income. we need to setup a will or trust. My wife is older than I and we want to have our wishes setup in legal order for our benefactors. We have grown children from previous marriages. Since AZ is a survivor right state, God forbid, if something were to happen to us both, we want legal docs in place for the kids to be governed by. How can we proceed in setting this legal process in motion?
  • My mother passed away. She does have a will and I was nominated as the executer and trustee. I am the sole beneficiary. She only has a bank account but when the account was setup nobody was on the account but her. no payable unpon death. What is required by the bank for me to access the account to begin paying for her expences? Her will did state that I shoud have immediate access without going through the courts.
  • My father passed away 10/22/13. He had a Revocable Family Trust, I was listed as a cotrustee. I was promised a copy of the trust several times but haven't seen it yet. If wife of 7 or 8 years is refusing to let me see it and says it will now be changed and if there's anything left when she passes we'll get then. Is she required by law to give me a copy of the trust now? Don't I have a right to see what the trust says on the day of my father's death? Please advise.
  • If a person dies and does not leave a will, can a family member take over the dead persons home.
  • I need a revocable living trust packet with forms and instructions. Where do I find one?
  • I want to change the executor on my revocable trust. I want the new executor to inherit some property and money. My question is: can an executor inherit? Thank you for your attention to this.
  • Is there a way to read a will without contacting the surviving spouse and/or immediate family?
  • My mother passed and she has had livestock which she paid the pasture fees and a vehicle she paid for. The problem is the vehicle is in my brothers name and she had him care for animals when she was not able to. Now, are the property now his or should it be probated to all the living children.
  • My friend's father passed and had no will. Where do I send him for help in dealing with the transfer ownership of the car motorcycle and other property his father left behind? What paperwork besides a death certificate will he need?
  • My mother passe away and I am the beneficiary of her home according to her will. My name is not on the title of the home. What steps should I take to get the house before it goes into probate?

STORIES

  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • I just helped my mother, age 89, deal with her Medicare HMO. . .

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