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Living Trust Attorney Overland Park KS
Revocable Living Trust – What is a living trust?
Of course, the BEST thing about a trust is that you avoid probate – more on that in a minute.
A Revocable Trust is also called a Living Trust or even a Loving 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.
A couple of key points: a Trust is considered revocable only during the lifetime of the Grantor. When they die, neither their spouse, beneficiaries nor trustee can amend the trust (exception: the court can always amend the trust). Second, it’s only a “Living Trust” during the Grantor’s lifetime
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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.
Revocable Trust – How do you Create One?
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.
Revocable Trust – Does it help you avoid Probate and the costs of Probate?
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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.
Living Trusts – Can I change it?
Make an application for Letters Testamentary if there is a will admitted (or secure Letters of Representation without a will).
Post notification to the creditors of the deceased. The first date that the newspaper has the publication in its starts the time period for creditors to submit their cases to the court and the personal rep.
Find and appraise the assets of the deceased.
Conduct the estate and sell any property if funds are required to pay costs.
Pay debts, taxes, creditor claims, and expenses.
Prepare a list showing earnings and disbursements.
Get court approval for distribution and close estate.