This form may be used to establish an Irrevocable Reversionary Living Trust, with the United States as Grantor; to provide secondary payment for medical benefits to the beneficiary named in the form.
Kansas Irrevocable Reversionary Inter Vivos Medical Trust
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Multi-State
Control #:
US-AH5B
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Word;
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FAQ
A Medical Reversionary Trust is an irrevocable trust that facilitates the payment of future medical expenses incurred by the claimant, also referred to as the beneficiary of the trust, as obligated to be paid by the defendant, also referred to as the grantor of the trust.
The intervivos trust may be either revocable or irrevocable, and either funded or unfunded. An intervivos trust is often referred to as a ?living trust?. The creation and administration of the intervivos trust occurs outside the general supervision of the Probate Court.
The person who established the trust or will is required to amend their estate plan when the beneficiary of a trust or will passes away. If the beneficiary of a trust or will dies, the estate plan will still be in effect.
An intervivos trust is an agreement where the person creating the trust (referred to variously as the grantor, settlor, or trustor) during the creator's life appoints a trustee to receive assets for the benefit of the creator and/or one or more beneficiaries.
Inter Vivos Trusts It is drafted as either a revocable or irrevocable living trust and allows the individual for whom the document was established to access assets such as cash, investments, and real estate property named in the title of the trust while they are still alive.
In establishing a trust, the grantor names the trust parties, which include the grantors, typically the spouse; the beneficiaries; and the trustee. Sometimes, the spouses are named as trustees. However, a contingent trustee should be named in the event both spouses die.
Disadvantages of inter vivos trusts Although inter vivos trusts have many advantages, there are also some drawbacks. Expense: It typically costs more to draft and fund a trust than to prepare a will. Trust must be funded: You must transfer your assets into the inter vivos trust while you are alive.