Living Trust Form - An Outline Of An "As Is" Agreement
December 20, 2004
By Kathy Curtis
If you were creating a detailed report, your best
likelihood of emerging with solid document is to start
with a great outline. A living trust form begins
in the same manner. While the form itself is often
free and outlined according to general guidelines,
the format doesn't account for special circumstances
and the valuable advice of an attorney.
The living trust forms found online come "as
is". That is, these forms are highly generalized
and follow the "terms of use" as set by
the online provider. Take a close look at this fine
print to determine if your state laws uphold the trust.
In most circumstances, a trust alone will not protect
your assets.
The Shades And Tones Of A Living Trust
Trust titles have a few aliases. A living trust is also commonly
referred to as a revocable living trust or just a revocable trust.
"Living" means the trust was created while the person
was still alive. Sometimes "living" is interchangeable
with revocable, which means the grantor can take steps to change
his decisions while he is alive.
Is It Alive Or Just A Piece Of Paper
How do you know if the trust is composed correctly? Only the advise
of a competent attorney and estate planner can answer this question.
For the average grantor (person who creates the living trust), a
lot of trust in the document's authenticity is thrown to the wolves
upon his passing.
While many trusts are supposed to ward off probate (taxes on your
possession's worth) and contesting, not every trust has this power.
Another common error happens during the "transferring"
phase: merely filling in empty blanks does not constitute and active
trust; however, transferring funds into the trust creates an active
trust. Be highly suspicious of living trust packets pushed by living
trust mills. Many of these packets documents are not enforceable
upon the grantor's passing.
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