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How to adjust table in the Revocable Living Trust

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[Music] Welcome everyone whos joining us on this zoom meeting today and if folks are in the waiting room well let you in as they come in. Colleen if youll make sure that you handle that one for me, I appreciate it. My name is Lynn St. Louis and I am an Estate Planning and Elder Law attorney at ELG Estate Planning here in Washington state and today what were going to be talking about are Revocable Living Trusts and the five biggest mistakes people make when it comes to their Revocable Living Trusts. If you have any questions please feel free to put those questions in the chat and I will answer your questions at the end today. Also if you stick with us to the end then we are going to be offering you a complimentary gift as well, so really excited to have you here, thank you so much for joining me. So lets go ahead and get started. So were talking about Revocable Living Trusts and the biggest mistakes that are made with that very popular Estate Planning

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Got questions?

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What is the disadvantage of a revocable trust?

Disadvantage: You Must Retitle Assets This means that assets typically need to be retitled. For example, if you want a trust to own your home, youll need to draft a new deed with the trust as owner. The same is true if you want the trust to own your car or boat. Some assets do not have a title.

Can you change the trustees of a trust?

Removing or replacing the trustee If a beneficiary feels that the trustee has mismanaged the trust, he may want to replace the trustee. The trust documentation must be read carefully to know if a beneficiary has the power to remove a trustee. Of course, the Court always has the power to remove a trustee.

How difficult is to change a trustee?

The trust may outline a procedure for replacement, but if it does not, the beneficiaries likely will need to petition the court for an appointment to be formalized. Some trusts require beneficiaries to unanimously agree on a replacement trustee. Others give a specific person the authority to make the decision.

How do I appoint a new trustee?

Trustees will usually be appointed by the instrument that brings the trust into existence. The trust instrument should also make provision for any additional appointments that may be necessary during the continuance of the trust.

Should I update my trust?

If a trust is not updated, it could result in your loved ones dealing with the long and tedious process of probate. To ensure your wishes are carried out properly and your trust accurately represents your current situation, you should review and update your trust at least once every year.

What are the disadvantages of a living trust Canada?

Downsides may include the cost of establishing the trust and potential tax implications. This is all to say that a living trust in Canada is a very powerful and flexible tool for effective estate planning.

What are the disadvantages of a trustee?

A trustee can end up having to pay taxes out of their own personal funds if they fail to take action on behalf of the estate in a timely way. Of course, they can also face criminal liability for such crimes as taking money out of a trust to pay for their own kids college tuition. Yup, thats stealing.

What happens if a trustee makes a mistake?

When a Trustee is mistakenly distributing out Trust assets to the wrong beneficiaries, filing a Petition for Instructions and Blocked Account can help protect the remaining property. The blocked account will freeze the assets while the lawsuit against the Trustee is carried out.

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