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Behind Every Good Trust, There is a Good….

April 4, 2011 by John Potter

The Revocable Living Trust is dynamite!  Most folks benefit from having a trust and they seem to work magic, avoiding probate, providing disability planning, keeping you in control, and providing asset protection for your beneficiaries’ inheritances.  However, no good trust acts alone.  There are supporting documents that work in conjunction with and help the trust do its work.  For example:

Bill of Sale

The bill of sale is a legal document used to transfer your tangible personal property into your trust.  Your trust only avoids probate when it’s fully funded so the bill of sale is essential.

Asset Transfer Documentation

Legal documentation showing that each asset has been transferred into the name of your trust.  Again, your trust only avoids probate when it’s fully funded.

Certificate of Trust/Affidavit of Trust

A sworn statement about the provisions of your trust.  The certificate or affidavit of trust is required by banks, investment companies, and other institutions during the funding process.

While the distribution provisions are not included, the institutions want to see the name of your trust, its revocability, the trustees and successor trustees, trustee powers, and the signature pages.

Pour Over Will

The pour over will appoints guardians for minor children and an executor.  It also distributes any assets not in the name of the trust to the trust.  In other words, any probate assets are “poured” into the trust.

Power of Attorney for Finances

Document appointing the same person as agent under the power of attorney as is named as trustee of the trust.  The agent is authorized to manage any assets not yet in the name of the trust.

Health Care Documents

Although the trust authorizes asset management in the event of disability, it does not authorize medical decision making.

A Power of attorney for medical decisions, living will, HIPAA release, and organ donation form are important estate planning documents.

If you have any questions about the legal documents that stand behind every good trust, consult with a qualified estate planning attorney.

  • About
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John Potter

Latest posts by John Potter (see all)

  • Our Ashland Trust Attorney Explains How a QTIP Trust Works - February 18, 2019
  • What Happens If I Leave Assets Out of My Living Trust? - February 15, 2019
  • What are the Advantages of an Irrevocable Trust? - February 14, 2019

Filed Under: Estate Planning, Trusts Tagged With: Ancillary Documents, Estate Planning, Trusts

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Testimonials

John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.
David J.
My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.
Jillian
Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.
DKS & KMS

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1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
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15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

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11330 Vanstory Drive
Huntersville, NC 28078
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NORTHERN KENTUCKY
7310 Turfway Road
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Florence, KY 41042
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