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Assets that should not be used to fund your living trust include: Qualified retirement accounts ? 401ks, IRAs, 403(b)s, qualified annuities. Health saving accounts (HSAs) Medical saving accounts (MSAs) Uniform Transfers to Minors (UTMAs) Uniform Gifts to Minors (UGMAs) Life insurance. Motor vehicles.

A simple example would be the situation in which one member of a family advances money to another and asks the second member to hold the money or to invest it for him. A more complicated example of an implied trust would be the situation in which one party provides money to another for the purchase of property.

(See, I told you it was confusing.) RLT: Revocable Living Trust.

Decide if you want to keep it confidential. If this is the case for your trust, it's best to name it something that does not include any of the names of the trust creators or individuals known to be associated with them. You could even choose to name the trust after someone's pet turtle.

But, the name of the trust is what we're going to focus on in this article as it's a critical aspect. Short and Effective. ... Be Careful About Confidentiality. ... Keep It Separate From Your Business. ... Check the Name Is Legal. ... Put Family Into the Name. ... Proofread Spelling.

Naming a trust as a beneficiary is a good idea if beneficiaries are minors, have a disability, or can't be trusted with a large sum of money. The major disadvantage of naming a trust as a beneficiary is required minimum distribution payouts.

A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. An irrevocable trust describes a trust that cannot be modified after it is created without the beneficiaries' consent.

Legally, you can appoint yourself as the Trustee of any trust you create, whether it is a revocable or irrevocable trust. Appointing yourself as the Trustee of an irrevocable trust in which you are also the Settlor, however, would almost always defeat the purpose of making the trust irrevocable.