Easily Insert Required Fields from the Revocable Living Trust

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How to Insert Required Fields from the Revocable Living Trust

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hey so Im Paul Rabelais and in this video were going to talk about Im not so well known secret to naming or titling your living trust okay so Im Paul rambling Im an estate planning attorney I help our clients get and keep their legal affairs in order and many people around the country they set up revocable living trusts because they want assets titled in the name of their trust when they die because assets in their trust they avoid that court-supervised an attorney involved probate or succession proceeding assets and a living trust dont go through that you name a successor trustee may be a child or adult children of yours who you will designate to be able to disperse the assets out of your trust to your trust beneficiaries when you die without any attorney in court in court involvement now when someone sets up that living trust theres always going to be a name or a title to the trust and then their assets at least the assets that would have to go through probate if they remain i

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What assets should not be placed in a revocable trust?

What assets cannot be placed in a trust? Retirement assets. While you can transfer ownership of your retirement accounts into your trust, estate planning experts usually dont recommend it. Health savings accounts (HSAs) Assets held in other countries. Vehicles. Cash.

How to set up a revocable living trust in Washington state?

To create a living trust in Washington, prepare a written trust document and sign it before a notary public. To finalize the trust and make it effective, you must transfer ownership of your assets into it. A living trust is an effective tool that can provide you with the flexibility and privacy you seek.

What is a revocable living trust in Washington state?

A revocable living trust is a written agreement in which the trustor, the person who creates the trust, names a trustee and governs the manage- ment of trust assets during the trus- tors lifetime and upon the trustors death.

Who owns the property in a revocable trust?

Trustees. The trustees are the legal owners of the assets held in a trust.

Do I need a will or a trust in Washington state?

If you do not set up a Will or Trust to handle your Estate, you lose control over distributing your property. Your property could even be forfeited to the state under some circumstances. It is a good idea to get the planning done while you are in the correct state of mind.

What are the disadvantages of a revocable living trust?

The main disadvantage of a revocable living trust is that it does not protect you from creditors or lawsuits. Because you have control of everything in your trust and have access to the assets, you can still be sued for liability.

What assets should be included in a trust?

What Type of Assets Go into a Trust? Bonds and stock certificates. Shareholders stock from closely held corporations. Non-retirement brokerage and mutual fund accounts. Money market accounts, cash, checking and savings accounts. Annuities. Certificates of deposit (CD) Safe deposit boxes.

How do I register a trust in Washington state?

Within four months of its inception, a charitable trust must file the Application for Registration as a Charitable Trust, a copy of the trust instrument, and a $25 dollar filing fee made payable to the Secretary of State.

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