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  2. Using the Online Platform

Completing a Living Trust FAQ

What is the definition of a legal residence?

A legal residence is where you have your permanent home or principal establishment, and to where, whenever you are absent, you intend to return.

What happens if a client already has a revocable living trust?

If a client has a current trust, the portal will ask them a series of questions. The attorney will then recommend the best way to bring their documents up to date.

Can more than one person act as a successor trustee at the same time?

The successor trustee takes over management of the trust when the trustee has become incapacitated or died.

Add the first successor trustee, then determine if you would like to add another one to act if the first one cannot serve. When two successor trustees are added, you will need to indicate if you want them to serve alone in the order listed or together as co-trustees. If successor co-trustees are chosen, consider their relationship and if they will work well together.

The platform allows you to add up to 4 total successor trustees. When more than two are added, they serve in the order listed.

What happens if a client wishes to disinherit someone?

Any person can be disinherited, and ex-spouses are automatically listed in the disinherited section. "Disinheriting" a person communicates to the court that they are intentionally excluded from your estate, not simply forgotten.

What is included in personal property?

Personal property refers to items like furniture, clothes, jewelry, appliances, cars, etc. 

What is a specific bequest?

Specific bequests are typically expressed as a cash amount or assets of monetary or sentimental value, such as an automobile or a piece of art.

What if a beneficiary owes a client money?

If one of the beneficiaries owes money to the trustee, they can subtract the amount from the distribution or forgive the debt.

How do age-based distributions work?

Unless the trust dictates otherwise, upon reaching age 18, beneficiaries will receive their entire inheritance in a lump sum. Alternatively, you can continue to hold their assets in trust with delayed distributions over time as your beneficiaries mature.

You can select up to 3 different ages and the percentage to be distributed at each age.

How do behavior-based distributions work?

Assets can also be held in trust until certain behavioral conditions are met. You can choose one or more of the following behaviors:

  • Drug-Free
  • Alcohol-Free
  • Gambling Free

There is specific language in the trust that addresses who is responsible for determining these conditions and how they are enforced. Review the language before finalizing the trust.

Can a trust be updated if circumstances change?

Yes, you can change or amend your trust as often as you wish. Your estate plan should change to stay updated as your life changes. 

These major changes could include:

  • Marriage
  • Divorce
  • Birth or adoption of a child
  • Death of a beneficiary
  • Change or add a beneficiary
  • Change the trustee or successor trustee
  • Change the way the property is distributed
  • Change which property is part of the trust
  • Change your name
  • Having acquired new property that you want to add to the trust
  • Having moved to another state where the inheritance laws are different

You can amend your trust online for typically much less than a standard attorney charges. 

How do I give others access to the online estate plan documents?

To send an invitation to any of the other parties mentioned in the estate plan, click the PEOPLE tab on your landing page. From there, you can send or resend an email instructing the person on how to log into the portal.

Do I need to transfer accounts with a POD / TOD into the Trust?

While not required, if accounts with a POD or TOD are instead transferred into a trust, the grantor can have more 'control from the grave' over those accounts. The trust does allow for the sprinkling of assets over time and allows for behavioral conditions on the payouts.