Kentucky Living Trust Property Record
About this form
The Living Trust Property Record form is designed to help individuals or trustees effectively manage a living trust. This form allows the trustee to record essential details about the property held within the trust, ensuring a clear inventory is maintained. Unlike similar forms, this specific document focuses on tracking the trust's assets over time, including real, personal, and intellectual properties.
Key components of this form
- Description of Property: A detailed description of each asset held in the trust.
- Date Acquired by Trust: The specific date the asset was placed into the trust.
- Value: The estimated market value of the property at the time it is recorded.
- Date Sold or Transferred: The date if the asset was sold or transferred outside of the trust.
Legal requirements by state
Common use cases
This form is useful when setting up a living trust or when there are updates to the assets included in an existing trust. It is crucial during estate planning, to ensure that all assets are accounted for and properly managed. Use this form whenever you acquire new property, sell, or transfer existing trust assets to maintain accurate records.
Who should use this form
This form is intended for:
- Trustees managing a living trust.
- Individuals creating a living trust for estate planning purposes.
- Individuals wishing to maintain a clear inventory of their assets included in the trust.
Instructions for completing this form
- Gather details about each property held in the trust.
- Complete the Description of Property field accurately for each asset.
- Enter the Date Acquired by Trust for all listed assets.
- Provide the estimated Value of each property, ensuring it reflects current market conditions.
- If applicable, record the Date Sold or Transferred for assets that have changed status.
Does this form need to be notarized?
This form does not typically require notarization unless specified by local law. Always check local regulations to ensure compliance.
Mistakes to watch out for
- Failing to update the form when assets are sold or transferred.
- Providing inaccurate values for the assets.
- Not including all assets held in the trust.
- Overlooking the importance of accurate property descriptions.
Benefits of completing this form online
- Convenient access to download and complete at any time.
- Editability allows for easy updates as circumstances change.
- Reliability ensured by using templates drafted by licensed attorneys.
Quick recap
- The Living Trust Property Record is essential for cataloging trust assets.
- Careful documentation prevents confusion and supports efficient estate management.
- Regular updates are crucial as property ownership and values change over time.
Form popularity
FAQ
With a revocable trust, your assets will not be protected from creditors looking to sue. That's because you maintain ownership of the trust while you're alive. Therefore if you lose a lawsuit and a judgment is awarded to the creditor, the trust may have to be closed and the money handed over.
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.
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.
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 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).
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.
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.
