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The Living Trust

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The Inter Vivos Revocable Trustbetter known as the “Living Trust” has been around for over 200 years. It originated with the “Statute of Uses” in England and became part of our law when our country adopted English Law.

It takes the place of a Will and provides more secure protection and tax savings when you die. Its greatest benefit is preventing Probate.

The History of the Living TrustThe History of the Living Trust

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What is Probate?What is Probate?

Probate is the legal process for transferring the assets of the deceased when they die.

It occurs for most everyone unless they have a trust.

Each state sets specific parameters for Probate in their state.

In most states it requires very few assets to go through Probate…such as the ownership of a home.

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The Cost of Probate…The Cost of Probate… It doesn’t take debt into

consideration! For example, if your home is worth $500,000 but you owe $450,000 on your mortgage, Probate could cost 5%-10% in Probate fees on the entire $500,000 value of your home. That could be $50,000 in Probate fees just on your home. A Living Trust is always better than a Will!

Depending on which state you live, Probate fees could cost as much as 5%-10% of the total value of all your assets.

$0$50,000

$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000

Cost ofProbate

Gross Value

Net Value

Probate Fees

Left For Heirs

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The Cost of Probate…The Cost of Probate…

It locks up your assets during the Probate process which can be as short as 6 months or as long as 3 years.

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It makes your estate a matter of public record. Anyone can see what you have and can make a claim against it.

The Cost of Probate…The Cost of Probate…

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If you have a Will…If you have a Will…

A Will is an invitation into Probate. It is nothing more than instructions to the Probate judge. You don’t want to have a Will.

A Will can be contested very easily in Probate court. Anyone can enter a claim against your estate in Probate. Relatives, creditors, the IRS…they can all make claims against your assets if you have a Will…and many times they win!

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Why Do Attorneys Prefer Wills?Why Do Attorneys Prefer Wills?

Attorneys prefer to do Wills because when you die they get to do the Probate.

Most of the Probate fees go to the Attorney who probates the Will.

Attorneys would rather put you into a Will so they can make thousands of dollars on the Probate instead of charging you a one time modest fee for a Living Trust.

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Other Advantages of a Living Trust?Other Advantages of a Living Trust?

They are extremely private and almost impossible to contest.

For a married couple they effectively double the Estate Tax exemption.

They pass your assets to your loved ones at your death in the exact way you want them to be passed without any Probate Fees for your loved ones to pay.

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A Living Trust Also Provides Living BenefitsA Living Trust Also Provides Living Benefits

They give your loved ones the legal power to take care of you if you are injured or ill.

They let you name the person you want to take care of you as Conservator if you become incompetent from injury or illness like Alzheimer's disease.

They provide for the care of your minor children if both parents die prematurely.

They give legal instructions to the doctor on whether you want to be maintained on life support if you are brain dead with no chance of recovery.

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A Living Trust is Very VersatileA Living Trust is Very Versatile

Unlike a Will, you only have to do a Living Trust once. You don’t have to redo the document every time you change something as you do with a Will.

You can change a Living Trust yourself and easily provide for changes without having to pay a lawyer to do it.

You can change your beneficiaries and your Successor Trustees who will take over when you die and you can do it at any time without any cost.

Best of all, you don’t need an attorney to settle your estate when you die. Your children or other loved ones can serve as successor trustees and do the settlement very easily.

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How Does a Living Trust Work?How Does a Living Trust Work?

A Living Trust is revocable which means you can change it, modify it, or cancel it, anytime you want. You do not lose control of your assets. You continue to run your life and control your assets just like you did before doing a Living Trust.

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How Do You Place Your Assets

into the Living Trust?

How Do You Place Your Assets

into the Living Trust?

To put your assets into a Living Trust all you do is change the name of the owner on your asset to the name of your Living Trust. This is a simple process. You just notify your asset holder that you have formed a Living Trust and you want the account name changed to the name of the Trust. Your home is placed into the Living Trust by doing a quit claim deed making the Trust the owner of your equity.

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You Are Always In ControlYou Are Always In Control

Because you are the Trustee, the Trustor, and the Beneficiary, you maintain control over the Trust operation and over your assets in the trust. You can take assets out of the Trust any time you want and you can sell them, rent them, trade them, or spend them. Its all up to you.

You always have full control.

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You Can Set the Trust Up Any Way You WantYou Can Set the Trust Up Any Way You Want

You can name individual beneficiaries and specify how you want them to receive their share when you die. You can leave uneven amounts to each heir or completely disinherit a child. You can keep funds in the trust to be used for the education of your children or grandchildren, or provide for a disabled child if you wish. It’s all up to you. If you ever change your mind…you can change the Trust without an attorney to suit your wishes.

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Heritage Living Trust Documents…Heritage Living Trust Documents…

The Introductory Letter With Special Instructions: This document outlines all of the parties to your trust and gives specific instructions on how to execute your Trust.

The Abstract of Trust: This is a short-form version of your Living Trust document and the one you present if your bank or any other authority asks for a copy of your Trust.

The Living Trust Document: This is the main Trust document that contains your wishes and instructions.

Schedules: This is where you list all of your assets in your trust. There are provisions for real estate and personal property.

Personal Property Transfers and Disposition of Personal Effects: This document is where you specify bequests of personal property, jewelry, collections, family heirlooms, pets, etc. to specific people.

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Additional Documents…Additional Documents…

Amendments to the Trust: This document allows you to make changes in your Trust yourself. Simply note the desired change, then date, and notarize the change, and its done.

Assets Durable Power of Attorney: This document allows the person you appoint to function in your place in matters of business when you cannot.

Pour Over Will: This document directs all assets inadvertently left out of the Trust to be “poured over” into the Trust once they have cleared Probate.

Living Will: This document instructs attending physicians regarding the ending of your life if you are irreversibly terminal or brain-dead. Choices in levels of care are provided. It allows the doctor to withdraw life support if that is your desire.

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Additional Documents…Additional Documents…

Durable Power of Attorney for Health Care: This document allows you to appoint a person to make health care decisions for you when you are incapacitated and unable to make those decisions for yourself.

Burial Instructions: This document allows you to determine and record your decisions regarding your burial.

Instructions Regarding Donation of Anatomical Gifts: This document allows you to give permission and specific details regarding the donation of vital organs or your entire body.

Settlor Trustee Instructions: This section contains complete instructions for the settlement of your estate. Your appointed successor trustees can successfully close your estate by following these instructions

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Additional Documents…Additional Documents…

Essential Documents Location: This set of documents allows you to record details of your life and location of important papers as well as key advisors you depended on such as your priest, pastor, financial advisor, attorney, or accountant.

Last Instructions To Your Family: This section allows you to write a final private communication to your family and hold it in confidence until your death.

Appointment of Guardian for Minors: This document allows you to assign a legal guardian for your minor children or disabled dependent adult children.

Appointment of Conservator: This document allows you to assign a “Conservator of the Person” for yourself in the event you become permanently incapacitated through illness, accident, or old age, avoiding a court-appointed Conservatorship.

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Additional Documents…Additional Documents…

Separate Property Agreements (A-B Trust Only): These documents allow you to legally define separate property between spouses, especially in community-property states.

That completes the documents in an A-B Living Trust for a married couple. Every conceivable need is covered by the appropriate trust document included in the Heritage Living Trust. All of these documents are covered by the Heritage Living Trust Guarantee.

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If You Have Children By a Former Marriage…If You Have Children By a Former Marriage…

People divorce and have children in more than one marriage these days. When that happens the Heritage Living Trust protects your right to leave your share of your marital estate to your children from a former marriage if you wish.

In the Heritage Living Trust you and your current spouse may express and protect your individual wishes regarding your children with a former spouse.

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The Heritage GuaranteeThe Heritage Guarantee

Every Heritage Living Trust is guaranteed to be 100% correct for legal accuracy.

Every Heritage Living Trust is guaranteed to be delivered to you within six weeks.

Every Heritage Living Trust is guaranteed to include free help and support over our 800 help lines or email, for the life of the Trust.

Every Heritage Living Trust is guaranteed to include free changes for the life of the Trust.

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How To Get Your Heritage Living TrustHow To Get Your Heritage Living Trust

The process is very simple. Your Heritage Independent Agent will help you complete the Trust Data Form to make sure all your questions are answered.

Your Heritage Independent Agent will forward your completed Trust Data Form, along with your payment, check or credit card to Heritage.

Your Heritage Independent Agent will leave you an Asset Organizer to collect information to fund your Heritage Living Trust.

Review your completed Asset Organizer with your Heritage Independent Agent.

Expect your Heritage Living Trust to be delivered by your Independent Heritage Agent within six weeks.

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The Rest Is Up To YouThe Rest Is Up To You

You can procrastinate and wait until its too late and let the State settle your estate in Probate Court…or you can do the wise thing and take care of your family while you have the time and presence of mind to do so. The Heritage Living Trust is the finest Living Trust available. Take the necessary steps now to make sure that your family receives all your estate and the Probate attorneys and courts receive nothing.

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Heritage Living Trust Is Committed To ExcellenceHeritage Living Trust Is Committed To Excellence

Heritage Living Trust has been preparing Living Trusts Nationally since 1990. Heritage Living Trust is rated A+ by the Better Business Bureau.

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