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College Education Trust This College Education Trust Agreement, hereinafter called the Agreement or Trust is made effective as of (date), between (Name of Grantor), residing at (street address, city,

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Can I do a living trust myself?

When you create a DIY living trust, there are no attorneys involved in the process. It is also possible to choose a company, such as a bank or a trust company, to be your trustee. You'll also need to choose your beneficiary or beneficiaries, the person or people who will receive the assets in your trust.

How do you create a trust?

Appoint a trustee and an alternate trustee and obtain their consent to their appointments. Select at least one beneficiary. Draft the trust deed in duplicate. Sign the trust deeds, and have the trustee sign them, in the presence of a notary public. Transfer assets to the trust.

What is a revocable living trust agreement?

A revocable living trust is a trust document created by an individual that can be changed over time. Revocable living trusts are used to avoid probate and to protect the privacy of the trust owner and beneficiaries of the trust as well as minimize estate taxes.

How does a revocable living trust work?

At the most basic level, a revocable living trust, also known simply as a revocable trust, is a written document that determines how your assets will be handled after you die. Assets you place in the trust are then transferred to your designated beneficiaries upon your death.

Is a living trust the same as a revocable trust?

A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. An irrevocable trust describes a trust that cannot be modified after it is created without the consent of the beneficiaries.

How is a revocable living trust taxed?

Revocable Trusts: For income tax purposes, the grantor of a Living Trust continues to be treated as the owner of the assets that are now part of the trust no matter who is the trustee. The grantor must pay gift taxes whenever assets are transferred into an irrevocable trust.

Are revocable living trusts necessary?

With revocable living trusts, probate is not necessary. Your successor trustee will be able to pass your assets on to your beneficiaries without the need to wait for a court order. That usually means a quicker and more affordable process for your beneficiaries.

Is a revocable trust a good idea?

Revocable trusts are a good choice for those concerned with keeping records and information about assets private after your death. The probate process that wills are subjected to can make your estate an open book since documents entered into it become public record, available for anyone to access.

What are the advantages of a revocable trust?

One of the primary benefits of creating a revocable trust is the ability to provide uninterrupted investment management should the grantor become disabled, as well as after the grantor's death. Assuming the assets were previously transferred into the trust's name, there is no need to reregister securities after death.

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