King Washington Revocable Living Trust for Grandchildren

Name: King Washington Revocable Living Trust for Grandchildren
Brand: US Legal Forms
Rating: 4.87 (274 reviews)

Category:

Trusts - Living Trusts

State:

Multi-State

County:

King

Control #:

US-00556-7

Format:

Instant download

Description

Trustor and trustee enter into an agreement to create a revocable living trust. The purpose of the creation of the trust is to provide for the convenient administration of the assets of the trust without the necessity of court supervision in the event of the trustor's incapacity or death.

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FAQ

Can I open an investment account for my grandchild? While grandparents can pay into accounts such as a junior ISA or junior SIPP, you usually have to be a parent or legal guardian to open one. The exception could be a junior investment account. In this account, assets are held 'in trust' for a child until they turn 18.

A bare trust can be used to bequeath assets to a grandchild who is still a minor after the grandparent dies. This is known as a testamentary trust. Bare trusts for grandchildren can also be set up as a living trust, during the grandparent's own lifetime, for example, to help fund their grandchild's education.

You can create a family pot trust for all of your grandchildren, which can be beneficial if you have a large family and want the trustee to have some discretion. With this type of trust, the trustee can determine how much money to distribute to your grandchildren for their ongoing needs.

Drawbacks of a Living TrustPaperwork. Setting up a living trust isn't difficult or expensive, but it requires some paperwork.Record Keeping. After a revocable living trust is created, little day-to-day record keeping is required.Transfer Taxes.Difficulty Refinancing Trust Property.No Cutoff of Creditors' Claims.

If you're leaving assets to just one or a few grandchildren, establishing individual trusts for each may be a good option. Most grandparents choose to put equal amounts of money into each grandchild's individual trust.

A gift by a grandparent to a grandchild is good tax planning and can provide the grandchild with a useful lump sum for tuition fees or a deposit for their first home. In this case, the money will need to be held for a number of years before it can be taken over by the grandchildren.

Individual trusts for each grandchild. Most grandparents choose to put equal amounts of money into each grandchild's individual trust. The trustee can then decide when and how much money to distribute to each grandchild from their individual trust based on the standards written into the trust.

Income earned by the trust from amounts that you've deposited will not be taxed to you; the trust pays the taxes. Amounts deposited in trust, and the income earned from those funds, will be used for the benefit of your grandchildren. You can provide that the trust terminate at any age you specify.

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How To Set up an Irrevocable Trust? For example, in a living trust it is common for the grantor to be both a trustee and a lifetime beneficiary while naming other contingent beneficiaries.In Revocable Living Trusts, the Trustmaker, the Trustee and the Beneficiary are generally the same person (or persons in a joint trust). You can terminate the trust, modify it, and use or spend all the money in the trust. You keep complete control. We have access to experts in trusts, insurance, philanthropy and family dynamics.

King Washington Revocable Living Trust for Grandchildren

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