Kentucky Declaration of Trust
Description
How to fill out Declaration Of Trust?
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FAQ
A living trust does not protect your assets from a lawsuit. Living trusts are revocable, meaning you remain in control of the assets and you are the legal owner until your death. Because you legally still own these assets, someone who wins a verdict against you can likely gain access to these assets.
The trust is not public record, as a will and probate proceeding are. The terms of the trust, assets in it, and beneficiaries of it are never revealed and remain completely private.
A declaration of trust under U.S. law is a document or an oral statement appointing a trustee to oversee assets being held for the benefit of one or more other individuals. These assets are held in a trust.
Generally, no you cannot sue a trust directly. Again, that's because a trust is a legal entity, not a person. It's possible, however, to sue the trustee of a trust whether that trust is revocable or irrevocable. As mentioned, in the case of a creditor lawsuit the trustee of a revocable living trust could be sued.
Kentucky adopted its version of the UTC in 2014. The UTC ? initially drafted by the National Conference of Commissioners on Uniform State Laws (NCUSL) in 2000 ? exists to provide ?precise, comprehensive, and easily accessible guidance on trust law questions.?
In Kentucky, having a will isn't what determines whether the probate courts must administer an estate. Instead, it's the size of the estate?the amount of assets?and how they're titled that controls the decision.
Sign the trust document in front of a notary public: If it isn't officially notarized by a notary recognized by the state of Kentucky then it may not stand as a legitimate trust.