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(FOR USE IN ALL 50 STATES)
Nature of a Revocable Trust. The main purpose for uzilizing a Revocable Trust with a Pour-over Last Will is to avoid the time and expense of probate and to provide a mechanism for your family members (or other trusted individuals you designate) to take control of your assets should you become incapacitated. Click here for a more detailed description of the purpose of this legal form.
Is there another benefit to using a revocable trust besides avoiding probate? Yes. Should you become mentally or physically incapacitated during life (and two doctors certify this in writing), then the successor trustee will step in to take control of your trust. As an alternative, once you feel your are no longer able to manage your assets, you can voluntarily resign as trustee allowing the successor trustee you have named to take over.
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The following options are given to you while creating your Revocable Trust Agreement with Pour-over Last Will through our copyrighted, online questionnaire process:
- Name the trustee and successor trustees of your trust and personal representative of your probate estate (should it be necessary to open one),
- Decide whether you shall serve as the initial trustee of your trust and whether a single or co-trustees shall serve when you are no longer able to do so,
- Indicate your wishes regarding method of burial such as whether our not cremation is desired,
- Name up to 7 charitable gifts to be made at your death out of your trust,
- Several options for directing disposition of your personal effects,
- Direct specific bequests to heirs,
- Several options for directing disposition of the residuary of your estate,
- Nominate guardians for your minor children should you die the sole parent,
- Direct that all bequests to beneficiaries under an age you specify (such as 25 years of age) are to be held in trust until each beneficiary reaches the the designated age,
- Direct that bequests to one specific beneficiary (such as the family black sheep) be held in trust for a longer period than the others or for this person's entire life with spendthrift provisions to prevent dissipation of the inheritance,
- Allow for independent administration of your estate (if allowed under laws of your state),
- Allow trustees and personal representative to serve without a bond (if allowed under laws of your state).
General Instructions For Completion of All Forms
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DISCLAIMER
The above is provided for informational purposes only and is NOT to be relied upon as legal advice. This service is not a substitute for the advice of an attorney and we encourage users to have all documents created on our site reviewed by an attorney. No attorney-client relationship is established by use of our online legal forms system and the user is not to rely upon any information found anywhere on our site. THESE FORMS ARE SOLD ON AN "AS IS" BASIS WITH NO WARRANTIES OR GUARANTIES. If you wish personal assistance in deciding whether the document found on our site is right for you or desire representations and warranties upon the legality of the document you are purchasing in the jurisdiction you will be using it, contact an attorney licensed to practice law in your state.
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