All About Living Trusts

Transfer Assets 

Can my father's Trust protect my assets?

September, 2011

demoQ - I am working on my father's trust and started transferring his assets as required.  I like the protection that's provided by his Trust, can I use his trust to protect my assets?  A - Once you have completed all the elements of the trust, including the transfer of assets, the trust is considered finished.  And no, unfortunately you cannot use your father's trust for your assets, but if your father's Trust was completed by us, you are eligible for our preferred client pricing, call us to find out more.  

Current News:

HIPAA Compliance

April 2003

demoThe Health Insurance Portability and Accountability Act (HIPAA) provides protection for release of individually identifiable health information and special release and consent authority to all healthcare providers before medical information can be released.  HIPAA effects documents executed in a trust, as such, it is not grandfathered in which means that it can render executed documents of previous executed Living Trust useless.  Ensure your Living Trust is in compliance with these regulation.  All IntegriTas Living Trust are in compliance with the order. 

Survivors 

Who Contacts  the Survivors? 

December, 2011

demoQ - My father died and I believe he had a trust.  Does the attorney contact me to discuss my dad's last requests?  I don't have the attorney's information and how does the attorney know that he is deceased?  A - Unless the attorney was a friend or the Trustee for your dad, its unlikely he would know that your father passed.  So first, you need to start checking around the house for the trust manual.  Did your dad have a safety-deposit box? Once you have located the manual, you can determine who is the Successor Trustee and who will carry out the provisions of your dad's trust.  If someone else has been named Successor Trustee, you will need to get in contact with that person to ensure they carry out the orders of the trust.

 

What is a Living Trust and its Benefits?

Much has been written recently regarding the use of "living trusts" (also known as a "revocable trust" or "inter vivo trust") as a solution for a wide variety of problems. The term "Living Trust" is generally used to describe a trust in:
picture
(a)
which you can create during your lifetime, and;

(b)
estate planning benefits you during your lifetime, preparations in case you or your spouse should become incapacitated, at death issues, and elimination of probate. There are many sources that regularly recommend the use of such Trusts, AARP is one of such.

A "Living Trust" is legally in existence during your life, has a trustee, (you, your spouse, or children,) who currently own your property and assets which (generally) you have transferred to the Trust during your life.

A simple example:  Picture this, you have all your personal titled assets (home warranty deed, car titles, bank / investment accounts) in a file folder under your personal name.  You purchase a Trust, and then you open your Trust to the Pour-Over Will.  You then Pour-Over or place all of your titled assets from your personal file folder into your Trust name.  Now, what is left in your personal name?  Nothing! Now that there are no personal assets in your name, then what is there to probate.  Nothing!

While you are living, the trustee (who usually is you and your spouse, if married) is responsible for managing the property as you did before purchasing a Trust for your benefit. Upon your death, the trustee (your spouse, children or others) is generally directed to either distribute the Trust property to your beneficiaries, or to continue to hold it and manage it for the benefit of your beneficiaries.

Like a Will, a Living Trust does provide for the distribution of property upon your death, however a Will must go through the probate process for proof of validity. Unlike a Will, a Trust provides many benefits:

            (a)
provides you with a vehicle for managing your property during your life,

            (b)
authorizes the trustee (spouse, family, others) to manage the property and use it for your benefit, if you should become incapacitated, thus avoiding court appointed guardians, or having to purchase powers of attorney for that purpose,

            (c)
if properly funded (all assets transferred into Trusts) avoids the need for proof of validity by the courts which eliminates probate at death.  Properly funded is a major concern when designing a Trust. 
(IntegriTas has reviewed many trusts designed by other companies or attorneys that were not properly funder causing - UNINTENTIONAL PROBATE!)


Then who can properly design Trusts?

First, understand that all attorneys are not qualified to design a Trust. There is many areas in a Trust that need to be addressed by Attorneys that specialize in Estate Planning. 

The American Bar Association has reported that, few attorneys actually know how to design Trusts, CORRECTLY!'


IntegriTas affiliated Attorneys specialize in writing Trusts of all kinds, and their components.  We know how to design a Trust around you, your family and your estate.

                                            "A MUST READ"

Find out what you need to know about Wills, the cost and emotional stress on Heirs caused by Probate."
click to download...


Is a Revocable Living Trust Easy to Understand?

It depends...
Most Trust designs are unorganized and difficult to understand.  BUT, with an Integritas 'Revocable Living Trust' it's just the opposite. A high school student could search, find, and understand all important documents in an IntegriTas Revocable Trust.

What is included in an IntegriTas Revocable Living Trust? (Note: all our documents are tabbed for easy searching)

  1. Letter from our attorney to you and your chosen Successor Trustee(s) explaining the Trust.
  2. Table of Contents for ease of searching documents within the Trust.
  3. The Trust Summary with Glossary of Terms.
  4. Revocable Living Trust Agreement with 'Exhibit A' for Beneficiaries.
  5. Pour-Over Wills for you and your spouse. (Last Will and Testament)
  6. Durable General Powers of Attorney for you and your spouse.
  7. Durable Health Care Powers of Attorney for you and your spouse. (Including HIPAA Requirements)
  8. Directives to Physicians. (Living Will) for you and your spouse.
  9. Trust Assets Transfer Documents. (Transferring your assets into the Trust)
  10. Trustee Instructions for your Family with Essential Documents. (Complete Instructions)

Most importantly, our staff members  and affiliated Attorneys understand the importance of properly funding your Trust so that probate is ELIMINATED.  You can relax with the understanding that you are protected during your lifetime (incapacitation) and your families (death).

An IntegriTas Revocable Living Trusts is very affordable. Most attorneys understand that you have learned the importance of a trust and those attorneys charge add-on cost causing the cost of the trust to escalate over your life time.  An Integritas Trust is designed to give you total control over the trust eliminating countless trips to an attorney office which reduces add-on costs.

You can procrastinate and wait until its too late and let the State settle your estate in Probate... or you can do the wise thing and take care of your family while you still have the time and presence of mind to do so.

Take the necessary steps NOW to make sure that your family receives your ENTIRE estate and that the Probate courts and attorneys receive NOTHING!


Check out: With or Without a Trust

INTEGRITAS ESTATE SERVICES, LLC
4101 PERIMETER CENTER, SUITE 109

OKLAHOMA CITY, OK 73112

CALL OUR ESTATE PLANNING EXPERTS TODAY

Toll Free: 866.659.6203
Office: 405.602.2700
Fax: 405.602.2858

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admin@trustintegritas.com