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REVOCABLE LIVING TRUSTS Law Office of RICHARD M. BASKET Attorney CPA Suite 234 210 North Higgins Avenue Missoula, Montana 59802-4497 Phone (406) 549-1110 Table of Contents Revocable Living Trusts

How to fill out revocable living trusts 2013

1. Understand the Purpose of a Revocable Living Trust: A revocable living trust is a legal document that allows individuals to transfer their assets into a trust during their lifetime and designate beneficiaries who will receive the assets upon their death. It can help to avoid probate, provide asset management in case of incapacity, and allow for privacy in the distribution of assets.
2. Consult with an Attorney: Given the complex nature of trusts and legal implications, it is highly recommended to seek the guidance of an attorney who specializes in estate planning and trusts. They can provide personalized advice based on your specific circumstances.
3. Gather Important Information: Before starting to fill out the revocable living trust document, collect all the necessary information such as personal details, assets, and beneficiaries that you would like to include in the trust. This may include bank accounts, investments, real estate, and any other valuable assets.
4. Determine the Trustee(s): The trustee is the person or entity responsible for managing the trust's assets and carrying out the instructions outlined in the trust document. Choose someone you trust, such as a family member, friend, or professional trustee, to act as the trustee. It is recommended to appoint a successor trustee in case the primary trustee is unable or unwilling to fulfill the duties.
5. Draft the Trust Document: With the assistance of your attorney, draft the revocable living trust document. The document should include all the necessary provisions to fulfill your intentions and ensure your assets are distributed according to your wishes. This may include instructions for asset distribution, specific bequests, and any special provisions for beneficiaries.
6. Sign and Execute the Trust: Once the trust document is drafted, review it carefully along with your attorney to ensure all details are accurate. Sign the trust document in the presence of a notary public to make it legally binding. It is crucial to follow the legal requirements of your jurisdiction for executing a valid revocable living trust.
7. Fund the Trust: After the trust document is signed and executed, it is important to fund the trust by transferring ownership of assets into the trust's name. This involves changing titles, beneficiary designations, or re-registering assets under the trust. Consult with your attorney or financial advisor to ensure the proper steps are taken to fund the trust effectively.

Who needs revocable living trusts 2013?

1. Individuals with significant assets: Revocable living trusts can be particularly beneficial for individuals with substantial estates. By placing assets into a trust, they can help avoid probate, minimize estate taxes, and provide seamless asset distribution to beneficiaries.
2. Individuals with specific wishes for asset distribution: If you have specific instructions for how you want your assets distributed after your death, a revocable living trust allows you to leave detailed provisions. This can be particularly valuable if you have complex family dynamics, charitable interests, or want to stagger distributions over time.
3. Individuals concerned about privacy: Unlike a will, a revocable living trust does not become part of the public record. If you value privacy in the distribution of your assets, a trust can ensure that your wishes remain confidential and shielded from public scrutiny.

Overall, the decision to create a revocable living trust in 2013 or any other year depends on your personal circumstances and goals. It is always recommended to consult with a qualified attorney to determine whether a revocable living trust is the right estate planning tool for you.

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What is revocable living trusts?

Revocable living trusts are legal arrangements in which assets are held by a trustee for the benefit of a beneficiary during the grantor's lifetime, and then transferred to the beneficiaries upon the grantor's death.

Who is required to file revocable living trusts?

Individuals who have set up a revocable living trust are required to file it.

How to fill out revocable living trusts?

To fill out a revocable living trust, you need to gather information about your assets, select a trustee, and designate beneficiaries.

What is the purpose of revocable living trusts?

The purpose of revocable living trusts is to avoid probate, provide for the management of assets during incapacity, and maintain privacy.

What information must be reported on revocable living trusts?

Information such as the name of the trust, the names of the grantor and beneficiaries, and a list of assets held in the trust must be reported on revocable living trusts.