Revocable Living Trust for House
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How to fill out Revocable Living Trust For House?
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FAQ
Trust property refers to the assets placed into a trust, which are controlled by the trustee on behalf of the trustor's beneficiaries.Estate planning allows for trust property to pass directly to the designated beneficiaries upon the trustor's death without probate.
A revocable trust typically provides that property be managed for the grantor's benefit. In most cases, the grantor retains certain rights over the trust during his or her lifetime.When a grantor dies, the trust acts like a will, and the property is distributed to the beneficiaries as directed by the trust agreement.
Due to changes in the tax laws, most revocable trusts can now be treated as part of a decedent's estate for federal income tax purposes.
Creation of a Trust To create a trust, the property owner (called the "trustor," "grantor," or "settlor") transfers legal ownership to a family member, professional, or institution (called the "trustee") to manage that property for the benefit of another person (called the "beneficiary").
As far as the Internal Revenue Service is concerned, trust property belongs to the grantor. The grantor names a trustee to manage the assets, but during their lifetime, most people name themselves in this position. A successor trustee is named to carry on when the grantor dies or becomes incapacitated.
When the maker of a revocable trust, also known as the grantor or settlor, dies, the assets become property of the trust. If the grantor acted as trustee while he was alive, the named co-trustee or successor trustee will take over upon the grantor's death.
The advantages of placing your house in a trust include avoiding probate court, saving on estate taxes and possibly protecting your home from certain creditors. Disadvantages include the cost of creating the trust and the paperwork.
Many people use a revocable living trust because it gives them more control over the trust assets. Putting your house in a revocable trust still allows you to change the terms of the trust or remove the house from the trust if you want to.
Many people use a revocable living trust because it gives them more control over the trust assets. Putting your house in a revocable trust still allows you to change the terms of the trust or remove the house from the trust if you want to.
