One of the most common legal entities for estate planning purposes is the Revocable Living Trust. The grantor creates such a trust to deposit their assets, and it’s tied to the social security number.The grantor can also be the trustee as they retain control of the assets. Alternatively, a trustee can be appointed to administer the terms of the trust.
What Is a Revocable Living Trust?
A Revocable Living Trust is a great way to protect your properties and assets during your lifetime and if something happens to you. With a Living Trust, your heirs can skip probate after your death, which is why it is so popular. Even then, one of the main characteristics of the Revocable Living Trust is, as the name implies, it can be undone at any point in time.
The grantor can add and remove assets and change the terms in any which way. After the death of the grantor, however, it automatically becomes an Irrevocable Living Trust.
Other Names for Revocable Living Trust
Depending on your state, a Revocable Living Trust may also be known as:
- Inter Vivos Trust
- Living Trust
Who Needs a Revocable Living Trust
Anyone can set up and take advantage of such a trust. The main appeal is perhaps to skip probate in the transfer of assets to your heirs. It is also a clear and unambiguous way to make sure your assets go to those of your choice, rather than relying on the state’s intestacy laws.
Why Use 360 Legal Forms for Your Revocable Living Trust?
Customized for you, by you
Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Revocable Living Trust.
Specific to Your Jurisdiction
Laws vary by location. Each document on 360 Legal Forms is customized for your state.
Fast and easy
All you have to do is fill out a simple questionnaire, print, and sign. No printer? No worries. You and other parties can even sign online.
How to Create a Revocable Living Trust with 360 Legal Forms
Depending on your state, the regulations governing Living Trusts vary. To get your Revocable Living Trust correct and proper, you can rely on 360 Legal Forms.
Let 360 Legal Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.
What Information Will I Need to Create My Revocable Living Trust?
To create your document, please provide:
- Grantor’s information: The legal name and address of the person making the trust
- Trustee’s information: The legal name and address of the primary trustee, followed by the backup trustees as applicable
- Beneficiaries information: The legal names and addresses of all the beneficiaries
- List of assets: All of the assets and properties to be held, such as real estate properties, vehicles, copyrights, jewelry, and art pieces
- List of business interests: Proprietorship and other stakes in companies
- Brokerage and bank accounts: Retirement accounts, savings accounts, stock, and mutual fund holdings
Revocable Living Trust Terms
- Grantor: A person creating the living trust.
- Trustee: A person managing the trust.
- Beneficiary: A person inheriting the trust’s assets and income distributions.
- To revoke: To cancel the terms of the trust.
- Probate: This is a legal process to review and carry out a will, including the estate distribution, if there is no will.
- Estate: A person’s possessions during their lifetime and after death.
- Fiduciary duty: An obligation for one party to act in the best interests of another.
Revocable Living Trust Signing Requirements
Before signing the document to set up your Revocable Living Trust, make sure to review it first. Then, the grantor and all of the designated trustees must sign it in front of a notary public.
What to Do with Your Revocable Living Trust
After getting the document notarized, you can always go back and change it. However, you do not have to file it with any local authorities in most states. Unlike a will, the Revocable Living Trust allows for more privacy as it is not public information.
