A revocable trust is a trust that you may change or amend throughout your lifetime. If the trust is revocable, then the settlor’s tax I.D. number or Social Security number is the number that’s used to identify the trust for tax purposes. If the trust is created by a married couple, either spouse’s Social Security number can be used to identify the trust.
What It Covers:
A revocable trust will cover all of the residue of your estate. Any monetary property and distribution will be defined by this document.
Do You Need to Complete a Revocable Trust?
Yes, you will need to complete one to continue using the program. A revocable trust serves as far more than just where assets are to go upon your death and it does that in an efficient way. Unlike a will, a revocable trust also covers you while you are still alive. It provides for ease of management in the case of incapacity & avoidance of probate. Please view this article for more information on the Revocable Trust and why it's important:
Why Does The Trust Reference California Law?
The laws of the state of California will govern the trust document that you create under the Ultimate Protection Portfolio. Many people ask why we do this and why this is legal. The reason that we do this is that California law is a very modern and user-friendly law in the area of trusts. In my opinion, the laws of California are more favorable to the consumer than those of any other state.The reason that your trust is valid in your home state, even though it's governed by California law, is found in section 268(1) of the Restatement of the Law Second, Conflict Laws, (St. Paul, Minn.: American Law Institute Publishers, 1969) which states: "As with testamentary trusts, a settlor may designate which state's local law will govern construction of the terms of the trust regardless of whether or not the designated state has any connection with the trust."
Note: If you completed a Married Revocable Trust, you only need to use one copy for both you and your spouse.
What is a Schedule A within my revocable trust, and do I need it?
A “Schedule A” is sometimes attached to a trust with a list of assets in the trust. We don’t offer the form within the must have documents because assets change over time and in our experience the schedule causes more confusion than assistance. It is one more form you have to update. It’s always a good idea to have a current list of all the assets in the trust. Making a list does NOT put the items in the trust, that is only complete after funding (changing title in the names of the trustees of the trust) to make the asset part of the trust.
Editing Information for the Revocable Trust:
Distribution Type For Primary Beneficiaries
Distribution Type for Secondary Beneficiaries
Trust Family Option (Married)
Please check out our F.A.Q. page for more useful information.