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Revocable Living Trust Agreement

Revocable Living Trust Agreement

The Revocable Living Trust can be amended or discontinued at any time... For more information please see below...

PLEASE NOTE:  Upon receipt of full payment this document is available for immediate download in Microsoft Word® Format.

This document is acceptable for use in all of the United States of America.

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What is the difference between a Trust, Living Trust, Revocable Living Trust, and Irrevocable Living Trust?

     A Trust is an entity which owns assets for the benefit of a third person (beneficiary). A Living Trust is an effective way to provide lifetime and after-death property management and estate planning. When you set up a Living Trust, you are the Grantor; anyone you name within the Trust who will benefit from the assets in the Trust is a beneficiary. In addition to being the Grantor, you can also serve as your own Trustee (Original Trustee). As the Original Trustee, you can transfer legal ownership of your property to the Trust. This can save your estate from estate taxes when you die. Just remember that it does not alleviate your current income tax obligations.

     Trusts can be revocable or irrevocable. The Revocable Living Trust can be amended or discontinued at any time. An Irrevocable Living Trust cannot be modified or discontinued. Individuals who use the revocable living trust transfer title of their property into the trust. They, as grantor, appoint themselves as the trustee (manager of the trust) and the beneficiary (receiver of the income). A revocable living trust does not constitute a gift, so there are no gift tax consequences in setting it up.

     A Revocable Living Trust normally involves three parties:

The Settlor – Also called grantor or trustor, this is the person who creates the trust, and usually the only person who provides funding for the trust. More than one person can be the settlors of a trust, such as when a husband and wife create a family trust together.

The Trustee – This is the person who holds title to the trust property and manages it according to the terms of the trust. The settlor often serves as trustee during his or her lifetime, and another person or a corporate trust company is named to serve as successor trustee after the settlor's death or if the settlor is unable to continue serving for any reason.

The Beneficiary – This is the person or an entity that will receive the income or principal from the trust. This can be the settlor (and the settlor's spouse) during his or her lifetime and the settlor's children (or anyone else or a charity the settlor chooses to name) after the settlor's death.

     A trust is classified as a "living" trust when it is established during the settlor's lifetime and as a "revocable" trust when the settlor has reserved the right to amend or revoke the trust during his or her lifetime.

     For more information please visit: Revocable Living Trusts

     This document is acceptable for use in all of the United States of America.

PLEASE NOTE: Upon receipt of full payment this document is available for immediate download in Microsoft Word® Format.

CLICK HERE TO PURCHASE