In recent years, revocable trusts
(also known as living trusts) have become popular.
are a powerful tool for aging and chronically ill clients; however, case law and Uniform Trust Code (UTC) section 603 limit reporting or accountability to remainder beneficiaries while the grantor is alive.
operate outside of the probate court.
For example, most revocable trusts
will contain an expense clause similar to the following:
Paul's practice centers on revocable trusts
, which not only direct her clients' desired asset distribution without the cost and complexity of probate or other court-monitored administration, but also provide for the person's care and asset management in the event of illness or incapacity.
So it is the people oriented objectives of revocable trusts
that provide the greatest incentive for their creation.
More and more frequently now, spouses are planning for dealing with estate tax by the purchase of survivorship policies that will never be owned by their revocable trusts
, but that would be owned from the beginning by an irrevocable trust to which they make gifts to fund the annual premiums.
* Eligibility for estates, heirs and qualified revocable trusts
to exclude gain from the sale of a primary residence, applicable to estates of decedents dying after 2009.
A one-page document titled "Request for Determination of Tax and Discharge of Personal Representatives and Trustees" for any revocable trusts
Cowles Legal Systems' Trust Plus creates wills, irrevocable trusts, and revocable trusts
, including funding documents, state-specific supporting documents such as powers of attorney (financial and health care), deeds, etc., invoices, correspondence, custom covers, and envelopes.
Power of attorney documents and revocable trusts
should be viewed as companion directives to wills, not replacements for them, Lawson says.
Its four main chapters cover: tax-related drafting, including terminable interest, survivorship conditions, and a variety of trusts; drafting depositive provisions, including wills and trusts; creating revocable trusts
; and, drafting fiduciary provisions, including information on providing additional powers to the trustee.