Is your living trust complete?

A living trust can be a very important part of your overall estate plan, but it won’t do you much good if it is not prepared properly. Depending on the goals of your living trust, there are important components that should be in place to protect you and your beneficiaries.

Every estate planning lawyer does things a little differently, but in general a living trust often includes the following components:

  • Name of the trust
  • Property of the trust
  • The grantor’s powers
  • The trustees
  • The beneficiaries
  • How the trust property will be distributed
  • The trustee’s powers and duties
  • Any general provisions
  • The certification by the grantor

In addition, there are some things that should be included in or with your living trust. Some of the items below can be a part of your living trust, others you can just include along with your living trust paperwork. You should review this list with your attorney to see if these items are included, and if not whether or not they should be.

Items and documents to include in or with your living trust:

  • Any amendments to your trust
  • If you are using a revocable living trust, include a declaration of the trust
  • Your last will and testament
  • Community property agreement, if applicable
  • Your durable financial power of attorney
  • Your durable healthcare power of attorney
  • Your living will or other healthcare directive(s)
  • Instructions for funding your trust or transferring assets into your trust
  • A list of logins and passwords for accounts that are accessed online

You should also include a complete list of your assets. You will make it much easier for your plan to be executed and your estate settled if you provide thorough documentation of everything you own and all your investments. Remember to include:

  • All personal property
  • Any jointly-owned property or assets
  • Assets that have named beneficiaries
  • All investment and retirement accounts
  • Property that is separate from your husband or wife

It is important to ensure that your living trust is complete. Otherwise, the trust or your estate plan may be improperly executed or it may be very difficult for your estate to be settled. Worst case, a poorly prepared trust can leave your loved ones in limbo, struggling to make sense of your wishes.

Pennsylvania residents looking for help with living trusts or other estate planning tools can contact the Wexford law offices of Shields and Boris for assistance.

Elder Law Offices of Shields and Boris

109 VIP Drive

Suite 200

Wexford, PA 15090

Toll Free: (888) 444-4093

Phone: (724) 934-5044


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Elder Law Offices of Shields and Boris
109 VIP Drive
Suite 200
Wexford, PA 15090
Phone: (724) 934-5044
Toll Free: (800) 879-0984
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