Kentucky Trust Forms - Kentucky Trust

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Kentucky Trust FAQ Irrevocable Trust Kentucky

What is a Trust? A Trust is an entity which owns assets for the benefit of a third person (beneficiary). A Living Trust is an effective way to provide lifetime and after-death property management and estate planning. When you set up a Living Trust, you are the Grantor; anyone you name within the Trust who will benefit from the assets in the Trust is a Beneficiary. In addition to being the Grantor, you can also serve as your own Trustee (Original Trustee). As the Original Trustee, you can transfer legal ownership of your property to the Trust. This can save your estate from estate taxes when you die. Just remember that it does not alleviate your current income tax obligations.

What is an Irrevocable Trust? A trust created during the maker's lifetime that does not allow the maker to change it. 

What is a Revocable Trust? A trust that can be amended and revoked, usually by the person who established the trust. This trust may become irrevocable and unamendable when the only person who can amend or revoke the trust dies or becomes incompetent.

What is a Living Trust? A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning.  The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor).  The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee.   Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust. 


Tips for Preparing Kentucky Trust Forms

Legal language is very confusing and puzzling. To know the nuances, you need to get a heavy dictionary, invest hours reading online, or seek advice from an attorney. If you are preparing Kentucky Trust Forms, the brief meanings listed below will come in handy and save you time and energy.

  1. A grantor is you or the one who creates Kentucky Trust Forms. This position can also be called the trustor. In a nutshell, this person dictates on what terms they pass their assets.
  2. A corpus of a file is assets that a grantor moves via an irrevocable or revocable trust. Utilizing Kentucky Trust Forms, you are able to hand over real estate property, private property like a motorcycle, jewelry, boats, bonds and stocks, and items without a title such as a stamp collection.
  3. A trustee is a person who handles the assets. You can be a trustee if you like and maintain your affairs in order. However, you will need to add a successor trustee to trust papers who can dispose of your estate in case of your incapacity or death.
  4. Based on the terms of the trust arrangement, beneficiaries are people who get all the belongings that the grantor provided. Generally, the beneficiaries are the children or relatives of the trustor, but this is not obligatory.