Understanding & Signing Your Living Trust
Play Video Explaining Your Married Trust Play Video Explaining Your Single Trust The Pivotal Clauses Are All Located In The First Pages Of The Trust The first document in your trust package is the living trust itself. Don’t be intimidated by the number of pages because, like all comprehensive trusts, it is comprised of a great deal of standard language. While this standard language may be important and necessary to a well-functioning trust, few will find it to be exciting or desirable reading. That is why we choose to first focus your attention on the parts of the trust we believe are most relevant and personally important to you — and they can all be found in the first pages of your trust. Page 1 – The Name & Date of The Trust Page 2 – Successor Trustees & Family Information Page 3 – Distribution at First Spouse’s Death Page 4 – Verifies The Husband’s Ultimate Wishes Page 5 – Verifies The Wife’s Ultimate Wishes Page 6 – Gives Instructions For Specifying Personal Effects Distributions Page 7 – Execution and Acknowledgement Page Page 1 – The Name & Date of The Trust Page 2 – Successor Trustees & Family Information Page 3 – Verifies The Distribution of The Estate Page 4 – Gives Instructions For Specifying Personal Effects Distributions Page 5 – Execution and Acknowledgement Page The Balance of The Living Trust Is Set Forth in Exhibit A — Comprised of Boring But Necessary Supporting Language The balance of the trust is set forth in Exhibit A — which contains all the standard trust clauses, tax clauses, accounting clauses, potential sub-trusts, and other supporting language. They give the trust functionality, flexibility and adaptability — and though many may never apply to you, they need to be there just in case. Though we wouldn’t want to discourage anyone from this “exciting reading” be forewarned as to its standard, boring, and sleep-inducing nature. That said, trusts need this kind of language just as a car needs many parts and safety features — yet it is unlikely that many find the shop manual very interesting. The Trust Signature Page Must Be Signed In Two Places When you are ready, you should sign your living trust as soon as possible where indicated on the last page of your trust. Notice that you need to sign twice – once as the settlor of your trust and once as the trustee of your trust. If you are married you both need to sign twice. Make Sure The Trust Is Notarized Correctly When you have your living trust notarized, make sure that the notary stamps, completes and signs both notarial areas.
This page declares your trust and sets forth your names, the name and date of your trust, and how trust assets should be titled.
This page sets forth your family information and your choice of successor trustee(s).
This page sets forth the distribution of the trust estate at the first spouse’s death — generally outright to the surviving spouse.
This page verifies how the husband wants the estate divided after both spouses are deceased, which is generally equally among the children. It also specifies the minimum age a beneficiary must attain before being allowed to manage their own inheritance.
This page verifies how the wife wants the estate divided after both spouses are deceased, which also is generally equally among the children. It too sets forth the minimum age a beneficiary must attain before being allowed to manage their own inheritance.
Finally, many of you are interested in specifying distributions of certain personal effects — and you will find instructions for doing so at the top of Page 6.
This is where you sign your trust (twice each) and have it notarized in two places (one as settlors and the other as trustees).
This page declares your trust and sets forth your names, the name and date of your trust, and how trust assets should be titled.
This page sets forth your family information and your choice of successor trustee(s).
This page verifies how you want your estate divided, which is generally equally among the children. It also specifies the minimum age a beneficiary must attain before being allowed to manage their own inheritance.
Finally, many of you are interested in specifying distributions of certain personal effects — and you will find instructions for doing so at the top of Page 4.
This is where you sign your trust (twice) and have it notarized in two places (one as settlor and the other as trustee).