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I routinely get the question regarding whether the Settlor of a revocable living trust has to amend their trust every time they acquire or dispose of assets.

Example. Alvin and Charlotte want the survivor of them, and their three children, to avoid probate when they die. They set up their joint revocable living trust. Their trust names their three children as equal principal beneficiaries to receive the assets after both Alvin and Charlotte die, and they name name their oldest child as the Successor Trustee, to handle the termination of the trust after Alvin and Charlotte pass away. They title their home and investment accounts in the name of their trust.

The good news is that they don't need to visit their estate lawyer and incur legal expense when they sell their home, buy a new home, or set up a new investment account. When they acquire new assets, or when they set up a new investment account, they simply need to acquire the asset, or title the account, in the name of their trust. They don't need their estate lawyer to do that, and they don't need to amend their trust. Typically, a Settlor does not list the trust assets in the trust instrument. The trust instrument is there to provide who manages the trust assets and who is to inherit the trust assets when the Settlor dies, regardless of what those trust assets might be.

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This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.

Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450

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