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Documents Required For Your Living Trust Plan

Below, you will find all the documents that make up Your Living Trust Plan. They include:

  1. Revocable Living Trust
  2. Last Will and Testament (Pour Over Will)
  3. Durable Power of Attorney For Financial Management
  4. Advanced Health Care Directive with Medical Power of Attorney
  5. HIPPA Release & Medical Authorization

1.  Revocable Living Trust

This instrument takes the place of a financial power of attorney and a last will and testament for the real estate and non-real estate properties that are placed in trust.by the creator of the trust (Grantor).

a.) During Grantor’s Lifetime- The Grantor appoints a trustee to manage the trust during the lifetime of the Grantor and upon the Grantor’s death. If the Grantor becomes incapacitated while the trust is in effect, the successor trustee appointed in the trust declaration will manage the trust properties for the benefit of the Grantor, without the need of a power of attorney, while the Grantor is incapacitated.

b.) Upon Grantor’s Death- If the trust is in effect at the time of Grantor’s death, due to it not being revoked by Grantor during Grantor’s lifetime, the successor trustee appointed in the trust declaration will close othe trust and distribute the trust property much like an executor of a last will and testament would do if there was a probate.

The advantage of having a living trust is that no probate will be required in the handling of the property in the trust; thus, there will be no public record of the property and identity of beneficiaries of the estate, no court appearances, no time delay, and no probate costs and attorney’s fees.

2. Last Will and Testament (Pour Over Will)

a.) A last will and testament is not required to distribute properties place in trust; however, there are instances where certain properties are not placed in trust for various reasons. In that instance, properties not place in trust are generally deemed probate assets whose distribution would be controlled by a last will and testament or inheritance laws of Texas if there is no last will and testament.

 b.) A last will and testament is prepared to cover the probate distribution of properties not placed in the living trust, which is referred to as a “pour over will.” While probating the pour over will (the “Will”) would be required, the Will would not identify any individuals as beneficiaries of the estate, but would direct that the probate properties be distributed by the provisions of the living trust, whereby the probate properties would be distributed to the acting trustee of the trust, in order to distribute the probate properties according to the provisions of the living trust . Normally, the time and costs involved in such a probate instance is less.

3. Durable Power of Attorney For Financial Management

 This power of attorney would be effective to have an agent appointed by the principal party to manage properties which are not place in trust, and deemed probate and non-trust properties, for the benefit of the principal party in case the principal party became incapacitated. Like the living trust, and last will and testament, any power of attorney can be revoked or amended at any time by the principal party during such time the principal party is not incapacitated. The principal party can appoint an agent and alternate agents to serve during the lifetime of the principal party. The power of attorney would terminate automatically on the death of the principal party.

4. Advanced Health Care Directive with Medical Power of Attorney

This power of attorney would be effective to have an agent appointed by the principal party to make medical decisions on behalf of the principal party in the instance the principal party is unable to make decisions on his or her own behalf. Like the financial power of attorney, the principal party appoints an agent or agents to represent his or her best interests in making medical representations to doctor, hospitals, and medical service providers. The medical directive connected with this medical power of attorney would also declare the principal’s desires and directives commonly known or referred to as living wills.

All of the documents in Your Living Trust Plan will be tailored to manage your financial and medical desires and needs during your lifetime, and to accomplish the distribution of your trust estate upon your death, without probate.

Call The Law Office Of David Nevarez today for additional information (915) 881-8484