People often ask what should be included in a new living trust plan or, similarly, what should be included when updating an existing living trust plan.\u00a0 Here are the basic elements of such a plan for California residents:<\/p>\n
\u00a01. Revocable Living Trust.\u00a0<\/strong>Note that for those with an existing living trust that needs to be updated, this is often done with a so-called \u201crestatement,\u201d with the name and date of the existing living trust remaining the same. A restatement is an amendment of the entire trust document, rewriting it to conform to your current wishes, current circumstances, and current law.<\/p>\n 2. Assignment.\u00a0<\/strong>After creating a trust document, you should assign the assets intended to be transferred over to the trust. This includes transferring your deeds, bank accounts, stock, etc. to the living trust.<\/p>\n 3. Certification of Trust.<\/strong>\u00a0Attached to this document is a copy of every page of your trust, except for the inheritance and asset pages. This document is then given to any bank, title company, or brokerage firm who requires written proof of the trust existence prior to titling assets in the name of the trust.<\/p>\n 4. Pour Over Will.\u00a0<\/strong>This document transfers (or \u201cpours over\u201d) to the living trust any assets that had not been titled in the name of the trust on death.<\/p>\n 5. Deeds.\u00a0<\/strong>Your plan should include a deed transferring your California real property intended to be owned by the trust.<\/p>\n 6. Beneficiary Designation Forms.\u00a0<\/strong>When completing your living trust plan, you should review and, if needed, modify the change of beneficiary forms for any assets distributed by such forms. This includes, among other things, life insurance, annuities, IRAs, and 401(K)s. Often, the primary and secondary\u00a0beneficiaries should be changed to be consistent with your overall inheritance wishes and income tax consequences.<\/p>\n 7. Durable General Power of Attorney and Advance Health Care Directive.\u00a0<\/strong>In addition to the items above, your living trust plan should include a\u00a0Durable General Power of Attorney and an Advance Health Care Directive. These documents appoint someone to act as your agent for your financial and health care needs, respectively, if you were alive and unable to manage these affairs on your own.<\/p>\n Additional documents are sometimes needed, depending upon the nature and complexity of one\u2019s assets.<\/p>\n Copyright 2022 Phillips Law Offices, A Professional Corporation<\/p>\n","protected":false},"excerpt":{"rendered":" People often ask what should be included in a new living trust plan or, similarly, what should be included when updating an existing living trust plan.\u00a0 Here are the basic elements of such a plan for California residents: \u00a01. Revocable Living Trust.\u00a0Note that for those with an existing living trust that needs to be updated, … Continue reading What to Include in a New or Updated Living Trust Estate Plan<\/span>