Hey there, Paul Rabelais again. I am happy to bring you another video on our estate planning site. This topic comes up a lot and can be a little controversial at times. When people put their legal affairs in order, they often have a decision to make. That decision typically revolves around whether they should use a will or a living trust, commonly referred to as a revocable living trust, as the legal instrument to pass along their estate to their heirs. Let's start with the basics. If you have a will, it may state that you leave your estate or certain parts of it to your spouse, kids, or a testamentary trust. Some people get confused about this. A will can specify that assets be left to a testamentary trust, which comes into effect when the person passes away. On the other hand, a living trust is different from a will. Some wills leave assets to a testamentary trust, but a living trust is separate. Now, for those in Louisiana, the will may state that the usufruct of the estate or a portion of it goes to the spouse, and when the spouse dies, the assets go back to the children or other heirs. In a will plan, you leave all your assets in your name and don't change the titles of any assets. These assets can include your home, real estate, investments, and more. However, it's important to mention that certain assets, like IRAs, retirement accounts, annuities, and life insurance, have designated beneficiaries. The will does not dictate where these assets go. They go directly to the designated beneficiaries. At this point in the video, it's worth mentioning that you may have assets like IRAs, retirement accounts, annuities, and life insurance policies. These assets have designated beneficiaries and are not affected by...
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How to close a revocable trust after death Form: What You Should Know
Settling a Revocable Trust After Death — Source Law Firm Oct 15, 2024 — Notice of the distribution of property from the deceased Trustee's estate. How does one sell a Revocable Trust? Step 1: Obtain the Trustee's Will. 2. (1) Identify the trusts from the list in Step #1 and list the names. (2) Include a copy of your Trustee's Will.  3. (3) Obtain a copy of the Trustee's Will and transfer title of the Trust Fund and funds and distribute assets in accordance with the Trustee's will, but NOT in the Trustee's name. (4) If a Trust Fund is to be distributed, obtain a draft of the Trust Fund's Schedule for Distribution and include the draft in a separate sealed envelope. The Trust Fund schedule should be signed by the Trustee for which the funds were distributed. Step 2: (1) Place a sealed envelope containing your trust and Trust Fund list attached within a second sealed envelope and mail to the address given you within 12-months of the Trust's date of death. (2) A separate seal is to go with the sealed envelope. Step 3: (1) Place the sealed envelope with your list inside your Trustee's Will which we will explain below. (2) If a Trustee is deceased, you will not receive a copy of the Trustee's Will if the Trustee has a will. In that case, the person you are trusting to manage the assets for you, or an agent, may need to be contacted for you to obtain a copy. (3) To protect your assets from a trustee or executor claiming the estate, it is recommended that the Trustee's Trust Fund and/or Trust Assets be transferred into another trust to be administered by the Trustee's legal representative or successor trustee. Step 4: As soon as the Trustee has released the assets for distribution to the Trust Fund, you may distribute these funds to your beneficiaries through electronic funds transfer or by check. Step 4a: If you are distributing the Trust Fund to trusts that do not have an active trustee, or if you cannot use Electronic Funds Transfer or you need funds in a shorter period of time, you must use a certified check that is drawn in Canada. Check with your trusted banking institution for more information.
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