Individual Revocable Living Trust (Premium Version)

About this Form Set 

A Revocable Living Trust is a legal instrument in which a person, known as the grantor or settlor, transfers ownership of their assets to a trust. A trustee is responsible for managing the trust and administering its assets according to the terms of the trust. The trust can provide a number of benefits, such as avoiding probate, reducing estate taxes, and providing for incapacity. The grantor can retain control over the trust and its assets and can make changes to the trust or revoke it entirely during their lifetime. After the grantor's death, the trust assets are distributed to the beneficiaries in accordance with the terms of the trust. A revocable living trust is called a "revocable" trust because the grantor retains the ability to make changes to it or revoke it entirely during their lifetime.


What are the advantages of having a Revocable Living Trust?

✔ Avoid Probate: Assets in a living trust pass directly to the beneficiaries upon the grantor's death and bypass probate. Avoiding probate can help preserve the estate by saving time and money.

✔ Maintain Control: The grantor can designate himself or herself as the trustee, allowing that individual to retain control over the assets that are placed in the trust during their lifetime.

✔ Retain Flexibility: The grantor retains the ability to change or revoke the trust at any time, permitting them to modify the terms to reflect shifts in their personal or financial situation.

✔ Gain Privacy: Trusts are not matters for public record, so the particulars of the trust and the assets held by it are not open for public inspection.

✔ Enhance Protection: A living trust can offer protection to beneficiaries unable to manage their own assets, such as children or individuals with special needs.

✔ Minimize Estate Taxes: A living trust can help to minimize estate taxes by dispersing assets among beneficiaries.

✔ Plan for Succession: The grantor can plan for the distribution of their assets to their beneficiaries after their demise.

✔ Safeguard for Incapacity: The grantor can designate a successor trustee to oversee the assets held in the trust in the event they become incapacitated and incapable of managing their own affairs.


Product Description

This document set is not available for preview. It is available for purchase only. This comprehensive set of forms contains all documents that an individual will need to establish an Individual Revocable Living Trust. This kit was professionally drafted by highly skilled attorneys with substantial experience in the industry, who would charge between $1,800 to $3,500 to create a trust for a client using the same documents. The kit reads with the ease of understanding that non-legal expert consumers expect, yet it maintains the professional sophistication that our attorney customers demand.

To help you establish the trust, the kit includes a clear set of instructions. (You may also consult with our attorney staff toll-free or by email at no additional charge, in the event you require further assistance.) The kit includes:

1.  Declaration of trust form  (the primary instrument that establishes the trust)
2.  Property assignment form  (to transfer property into the name of the trust)
3.  Pour-over last will and testament  (to safeguard against a failed assignment of property into the trust)
4.  Trust amendment form  (to amend the trust at a later date if necessary)
5.  Trust revocation form  (to revoke the trust in its entirety at a future date if desired)
6.  Certificate of trust  form (a summary overview document that certifies the existence and the authority of the trust to third parties, which helps to keep confidential the terms and beneficiaries of the trust).
   
   

Finally, the kit includes templates for Schedules A and B, designed to facilitate listing of the property that will be held in the name of the trust, as well as the distributions to any beneficiaries, if desired.

In total, this professionally drafted kit is 20 pages in length (approximately 7,000 words) and prints on standard 8 1/2 x 11 paper.