Kentucky Revocable Trust for Lifetime Benefit of Trustor, Lifetime Benefit of Surviving Spouse after Trustor's Death with Trusts for Children
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FAQ
Living trusts allow you to enjoy the benefits of your assets while you're alive and pass them automatically to your chosen beneficiaries once you're gone.
A revocable trust is a trust whereby provisions can be altered or canceled dependent on the grantor or the originator of the trust. During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to the beneficiaries of the trust.
No Asset Protection A revocable living trust does not protect assets from the reach of creditors. Administrative Work is Needed It takes time and effort to re-title all your assets from individual ownership over to a trust. All assets that are not formally transferred to the trust will have to go through probate.
200dThe bottom line is that if you are using revocable living trusts as an estate tax planning vehicle, the trust should be listed as the primary beneficiary of your life insurance policy as opposed to your spouse.
What Happens When One Spouse Dies. While both spouses are alive, they typically act as co-trustees and manage the trust together. Upon the death of the first spousealso known as the decedent spousethe surviving spouse generally becomes the sole grantor/trustee and continues to manage the trust based on its terms.
Under typical circumstances, the surviving spouse would become the sole trustee after the death of one spouse. The surviving spouse would control the shared property, and the personal property of the deceased spouse would be distributed to the beneficiaries.
What happens in this type of trust is that the trust is a joint revocable trust when both spouses are alive. When one of the spouses dies, the trust will then split into two trusts automatically. Each trust will have half the assets of the trust along with the separate property of the spouse.
But when the Trustee of a Revocable Trust dies, it is up to their Successor to settle their loved one's affairs and close the Trust. The Successor Trustee follows what the Trust lays out for all assets, property, and heirlooms, as well as any special instructions.
After one spouse dies, the surviving spouse is free to amend the terms of the trust document that deal with his or her property, but can't change the parts that determine what happens to the deceased spouse's trust property.
A living trust is a legal document that's similar to a last will and testament and is usually made alongside a will. It lets you name the people (or organizations) who you want to receive your property after your death.