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Revocable living trust

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Revocable Living Trust
A living trust, (also known as an inter vivos trust), is a document executed by
you whereby you cre...

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Certification Of Trust
A shortened version of a living trust document, leaving
out certain details (what is in the trust, ...

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Pour-over Will
A pour-over will adds a degree of safety and peace of mind to an
individual's estate planning.
Usually, cre...

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Revocable living trust

  1. 1. Revocable Living Trust A living trust, (also known as an inter vivos trust), is a document executed by you whereby you create an entity, (the trust), which is controlled and managed by a trustee named by you. Often you are your own trustee. You transfer to the trustee most or all the property you own and instruct the trustee on how to manage the trust property. Typically, you would instruct the trustee to support you. You instruct the successor trustee (the trustee you named to take over after you), to terminate the trust on your death and distribute the property to your beneficiaries. In this typical situation, you are the “Settlor” (the person who created the trust), the “Trustee” (the person who manages the trust), and the “Beneficiary” (the person who benefits from the trust). The persons or entities identified by you to receive the estate upon your death are also beneficiaries, but their interests are contingent and can be altered or cancelled by you by a simple amendment to the trust. In this regard the trust is a substitute for a will. A living trust can be revoked or amended by you at any time during your lifetime. After your death it becomes irrevocable. The terms of the trust can be tailored to your particular wishes.
  2. 2. Certification Of Trust A shortened version of a living trust document, leaving out certain details (what is in the trust, the beneficiaries' identity, etc.). This is often used to provide proof that a trust has been established to a financial organization or other institutions, without revealing specifics that you want to keep private.
  3. 3. Pour-over Will A pour-over will adds a degree of safety and peace of mind to an individual's estate planning. Usually, creating a living trust means that you give most of your property to the living trust during your lifetime. Therefore, when you die there will not usually be much property to be disposed of by your will. A pour-over will, however, is still necessary to dispose of property that you have not transferred to your living trust before your death, such as your personal effects, gifts you have recently received, furniture, or proceeds from the previous day's winning lottery ticket. By doing so, the individual ensures that his or her estate is to pass to the living trust, which will ensure that the terms of the living trust will control the distribution of as much of your property as possible.
  4. 4. Advanced Healthcare Directive An "advanced health care directive" is a document where one personal appoints another to make health care decisions for them in the event they are unable to make those decisions on their own. An advanced health care directive also lets your physician, family and friends know your health care preferences, including the types of special treatment you want or don't want at the end of life, your desire for diagnostic testing, surgical procedures, cardiopulmonary resuscitation and organ donation, and preferences for burial or cremation.
  5. 5. Durable Power Of Attorney For Finance A durable power of attorney is a document that allows you (the principal) to give authority to another person (your agent or attorney-in-fact) to make financial/legal decisions and handle financial transactions on your behalf. It is called “durable” when, by its terms, it remains effective even if the principle becomes mentally incompetent.

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