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After the Revocable Living Trust is Signed...Now
What?
by Phil Craig
© Phil Craig, All Rights Reserved
http://www.LivingTrustSecrets.com
You've gone through the trouble of creating an estate
plan that includes a revocable living trust. Now what
do you need to do?
Well, here is a checklist for you to consider:
1. Have you notified your successor trustee? You have
probably named a relative, close friend, or a trust company
to act as successor trustee after you die. Have you told
them about the trust? Maybe you want to go over it with them.
Share your thoughts and wishes. Tell them where your valuable
papers and itms are located.
2. Have you transferred title to your assets to the trust?
A trust comes into being (becomes legal) when you transfer an
asset (probably more than one) to it. You will need to transfer
title to your bank and brokerage accounts, real estate,
promissory notes held, individual stock certificates, etc.,
to the trust title, usually, John Smith and Jane Smith, trustees
of the Smith Revocable Trust, dated January 1, 2005 (or something
similar).
3. What about your thoughts on burial or cremation? Do you want
to be kept on life support no mater what your age, condition, or
likelihood of survival might be? Have you decided who will be in
charge of making decisions for you if you can't?
4. Are there assets that are not in your trust (retirement plans,
IRA accounts, life insurance) that your trustee needs to know about?
5. Is there a change in your life or family that requires a review
or revision to your estate plan? Have you recently received an
inheritance, remarried, or have a close one die? All of these
events should prompt a review of your estate plan and revocable
living trust documents.
This is a short list to get you thinking in the right direction.
The point is that once the revocable living trust is set up, your
work and attention does not stop. You need to maintain the revocable
living trust so that it can deliver all of the benefits that it can
promise.
Good luck and until next time,
Phil Craig
P.S. Did you
know you can search this site or the web for more Living Trust, Wills,
Estate Planning and Probate answers?
Click here!
Phil Craig is a licensed attorney and entreprenuer.
He started practicing law at age 25 in 1979.
He does not take on any more clients, but is
advisor to some of the biggest names in the internet
world. He shares his knowledge gained over the
last 25 years at his Living Trust Secrets newsletter site:
click here=========>http://www.LivingTrustSecrets.com
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