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Loving Trust

Loving Trust

A Loving Trust is a legal agreement whereby you grant someone, whether an individual or entity, the ability to manage or oversee your assets during your lifetime. You are called the Trustor/Grantor/Settlor and the person that is tasked with overseeing your property is called the Trustee. Anybody that you name to get your assets is called a beneficiary.

A Loving Trust also contains rules regarding who can take care of you personally, which would include health decisions, as well as your financial decisions. A loving trust isn’t one-of-a-kind when it pertains to estate planning; it is actually just another name for a revocable trust.

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An good estate planning attorney is the type of lawyer that, after years of going through law school and being mentored under several other good attorneys, understands the proper way to counsel clients on the ins and outs with regard to a plan. However, any attorney can make a plan. But a good attorney is one that knows how to listen to your needs and then craft a plan that works within those boundaries – one that is flexible enough to meet your needs both now and in the future.

Loving Trust – How do you Create One?

Well, hire a lawyer. What a lawyer does is that they draft the trust agreement, which is signed by the Grantor/Settlor/Trustor and the Trustee. Also, the spouse must consent to any transfers of property that would be affected pursuant to their spousal election pursuant to state law.

But a Trust is ineffective if it is simply a legal agreement. The Trust must have property put into it (called “funding”). This is where you title your home and bank accounts into the Trust, such as The Mike and Mary Jones Revocable Trust dated January 1, 2014.

Trademark of Name

The issue with Loving Trusts emerges in the application of the name. There are some lawyers that belong to an organization that offers them with certain specific types of legal documents. They call this system the “Loving Trust” estate planning device. Within the file, there is a notice that indicates that the term “Loving Trust” is an accredited trademark. The trademark does not concern the attorney that drafts your trust. Rather, it concerns the company that offers the trust form to the lawyer

Loving Trust – Does it help you avoid Probate and the costs of Probate?

Absolutely. Probate is the process of passing property to the heirs named in a will or according to the laws of intestate succession pursuant to the laws of the state. However, any property that is within a Loving Trust is not subject to the probate process. This significantly reduces, or even eliminates, the time and money spent in the probate process. Further, by having a Loving Trust, there is rarely a bond needed for probate. Many times, it simply involves filing the will.

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A will is a legal document that states who gets your assets when you die, as well as state who gets to take care of your minor children after your death. A will in Kansas requires witnessed, and it is good practice to also get it notarized. A will, however, is not valid until it is probated by the court.

What is a Loving Trust ?

A loving trust is a legal document that helps you tell the world certain things upon your death. First, it tells who you want to take care of your children. Second, it tells people who gets your assets. Third, it helps you tell people who is to take care of you in case of a disability. Finally, it can help with any tax consequences regarding your assets.

Of course, the BEST thing about a trust is that you avoid probate – more on that in a minute.

A Loving Trust is also called a Living Trust or even a Revocable Trust. The Trust has three separate parties to it:

The Settlor– Also called grantor or trustor, this is the individual that the Trust is about. It’s this person that puts their assets into the trust. This doesn’t just have to be a single person, many times a trust is created on behalf of multiple people (think husband and wife).
The Trustee– This is the person who holds title to the property. They have a duty to manage the property (called a fiduciary duty) of the trust. In a normal Revocable Trust situation, the Grantor (or Settlor/Trustor) is also the trustee during his/her life. Upon their death, the trustee is the person that the Grantor names in the Trust.
The Recipient– The beneficiary is the person that gets the assets from the Trust. This can be the Grantor’s children, spouse or even a charity. You can even name someone else entirely. Trusts are very flexible documents.

Loving Trusts – Can I change it?

Of course. This is one of the big advantages of a Trust. In a typical situation, there is language included that allows you to amend the trust at your discretion. Thus, any life scenario – like a marriage, death, adoption – allow you to amend the Trust.