Kansas Living Trust Property Record
Overview of this form
The Living Trust Property Record is a document designed for individuals who have established a living trust. This form serves the important purpose of documenting all assets and properties placed into the trust. Unlike other estate planning tools, this record allows the Trustee to maintain an organized inventory, ensuring that all real, personal, and intellectual properties are accounted for during the grantor's lifetime and after their passing. By utilizing the Living Trust Property Record, individuals can effectively manage their estate planning process and provide clear instructions to their Trustees.
Key components of this form
- Description of Property: A detailed account of each asset or property held in the trust.
- Date Acquired by Trust: The date when each property was transferred into the trust.
- Value: The current market value of each asset.
- Date Sold or Transferred: Recorded dates when any property is sold or transferred out of the trust.
When to use this form
This form is essential for anyone who has established a living trust and wants to maintain an accurate record of their assets. Use the Living Trust Property Record when you create the trust, when you add new properties, or when you sell or transfer any existing properties to ensure that your trust inventory reflects the current status of your estate.
Intended users of this form
- Individuals who have set up a living trust.
- Trustees responsible for managing the trust assets.
- Beneficiaries wanting to understand the contents of the trust.
- Estate planners coordinating with clients on their asset management.
How to complete this form
- Identify the property: List each asset or piece of property included in the trust.
- Specify acquisition dates: Enter the date when each property was transferred into the trust.
- Provide valuation: Record the current market value of each listed property.
- Document any transfers: Note the date if any property is sold or transferred from the trust.
Notarization guidance
In most cases, this form does not require notarization. However, some jurisdictions or signing circumstances might. US Legal Forms offers online notarization powered by Notarize, accessible 24/7 for a quick, remote process.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Failing to update the record after property transactions.
- Omitting descriptions that can lead to confusion about properties.
- Not including market values, making the inventory incomplete.
Why use this form online
- Convenience: Download and fill out your form at any time.
- Editability: Easily update your property inventory as needed.
- Reliability: Access forms created by licensed attorneys with expertise in estate planning.
Main things to remember
- The Living Trust Property Record is essential for maintaining an accurate inventory of trust assets.
- Updating the record regularly helps in effective estate management.
- This form is suitable for use across multiple jurisdictions, ensuring flexibility for users.
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FAQ
Legally your Trust now owns all of your assets, but you manage all of the assets as the Trustee. This is the essential step that allows you to avoid Probate Court because there is nothing for the courts to control when you die or become incapacitated.
Trusts aren't public record, so they're not usually recorded anywhere. Instead, the trust attorney determines who is entitled to receive a copy of the document, even if state law doesn't require it.
Once property has been transferred to a trust, the trust itself becomes the rightful owner of the assets. In an irrevocable trust, the assets can no longer be controlled or claimed by the previous owner.
Trusts are private documents and they typically remain private even after someone dies. The only way to obtain a copy of the Trust is to demand a copy from the Trustee (or whoever has a copy of the documents, if not the Trustee).
If you can't find original living trust documents, you can contact the California Bar Association for assistance. Trusts aren't recorded anywhere, so you can't go to the County Recorder's office in the courthouse to ask to see a copy of the trust.
Trusts created during your lifetime, known as living trusts, do not go into the public record after you die. With rare exceptions, trusts remain private regardless of whether you have an irrevocable or revocable trust at the time of your death.
Today clients who have living trusts normally keep the original copy. Having the attorney keep the original copy of the trust is not as important as keeping the original will used to be. At death, a copy of the trust generally suffices for all parties in place of the original.
What happens if you have lost your Trust?If a Trust is lost, and the decedent has assets titled in the name of the Trust, the court will require that the heirs/Successor Trustees spend a significant amount of time and money searching for the Trust and documenting the search process.
If you can't find original living trust documents, you can contact the California Bar Association for assistance. Trusts aren't recorded anywhere, so you can't go to the County Recorder's office in the courthouse to ask to see a copy of the trust.
