Revocable Living Trust (United States) Form

Grantor

Grantor:

In Ohio, a person of the age of eighteen years, or over, of sound mind and memory, and not under restraint, may make a Last Will.
Note: If your spouse is NOT a U.S citizen then you may need a Qualified Domestic Trust. Consult a qualified attorney in your jurisidiction to ensure your interests and the interests of your spouse are protected.

City:

(e.g. Jacksonville, etc.)

State:

Ohio

The Grantor will be the initial Trustee.

With a Revocable Living Trust the Grantor is almost always the Trustee as long as
he or she is alive. When the original Grantor dies then the duties and obligations of
managing the trust shift to the Successor Trustee. At that time the trust is no longer
revocable and the terms of the trust can no longer be changed.

With a Revocable Living Trust the Grantor is almost always the Trustee as long as
he or she is alive.

My spouse will be a co-grantor for this Living Trust.

Where a married couple share ownership of assets, they may act as co-grantors and co-trustees. When one co-trustee dies, the surviving co-trustee assumes responsibility as sole trustee. A Successor Trustee will take over after both spouses die.

Frequently Asked Questions

Who is the Grantor or Trustor?A Grantor or Trustor is the person or persons who provide the property and create the trust.

Trustee

Trustees:

1

Trustee

Name:

Address:

(e.g. Street, City, State, Zipcode)

Frequently Asked Questions

What does a Successor Trustee do?A Successor Trustee should be appointed to take over the management of the Living Trust in the event that the Initial Trustee resigns or is unable to continue to act as Trustee.

Beneficiaries

Beneficiaries:

1

Beneficiary

Name:

Address:

(e.g. Street, City, State, Zipcode)

Frequently Asked Questions

Who should I appoint as a Beneficiary?The Beneficiary is usually your children or whoever you intend to 'inherit' your property when you are gone.

List of Property to be Transferred into the Living Trust

Number of Items to be transferred to the Living Trust

1

Property or asset to be Transferred

Property Description:

Provide an accurate description of the assets you wish to transfer to your Living Trust. Include account numbers and serial numbers as well as a thorough description where possible. Include a proper legal description for any real estate to be transferred.

Frequently Asked Questions

How can I prevent a probate court from distributing my property?Remember: If your intention is to avoid the cost and delay of probate court then you must transfer almost all of your property into your trust. Any property left outside your trust may require resolution by a probate court.

Specific Gifts

Number of specific gifts:

0

Remember: Some things cannot be given in a Living Trust including:

1) Your spouse's property.
2) The proceeds of a life insurance policy where a beneficiary is already named.
3) Jointly held property where another party has a right of survivorship.

See Example

Frequently Asked Questions

How should I describe the gift?Use this section if you want to give a specific gift to a specific person. Make sure you describe the gift well enough that anyone reading this Living Trust would recognize what you mean. Make sure to identify the beneficiary.How will my property be distributed?After you die, and after any outstanding debts are resolved, your Living Trust will be distributed between your Beneficiaries.
You may divide up your estate in two steps:

First: Assign specific gifts (if any) to a specific beneficiary. For example you might give a classic car to your favorite nephew.

Second: What is left after you have provided specific gifts is called the remainder or residue of your estate. The residue of your estate will be divided among other people you choose. Note: A beneficiary may receive a specific gift and also share in the residue of your estate.

Specific Gifts

Only one Beneficiary was named. The entire proceeds of the trust will be given to that sole Beneficiary.

Distribution of Residue of Trust

Distribute the residue of my trust property:

To Beneficiaries in EQUAL shares.

See Example

Frequently Asked Questions

What is included in the residue of my Living Trust?The "residue" of your estate is everything that is left over after your debts are paid and the specific gifts have been given. Please note that your spouse, your ex-spouse, someone you are co-habiting with and any dependent children may be entitled to portions of your estate. If you are unsure as to your obligations, consult a qualified lawyer.How will my property be distributed?After you die, and after any outstanding debts are resolved, your Living Trust will be distributed between your Beneficiaries.
You may divide up your estate in two steps:

First: Assign specific gifts (if any) to a specific beneficiary. For example you might give a classic car to your favorite nephew.

Second: What is left after you have provided specific gifts is called the remainder or residue of your estate. The residue of your estate will be divided among other people you choose. Note: A beneficiary may receive a specific gift and also share in the residue of your estate.

Residue

Only one Beneficiary was named. The entire proceeds of the trust will be given to that sole Beneficiary.

Additional Terms

Taxes, debts, funeral and other final expenses will be paid out of the Living Trust.

Final expenses may include expenses related to last illness, burial, and funeral expenses.
Remember: If there are no other resources left after you die, then your Successor Trustee may be compelled to pay your unresolved taxes or legally enforceable debts and expenses out of your Living Trust.

I wish to set a minimum age for Beneficiaries to receive their gift or Share.

Substantial property cannot be passed to a child until they have reached the age of majority. In addition you may wish to withhold the transfer of property to a young person until they have had a chance to mature and learn to manage their own financial matters.

As a result you may wish to continue to hold their Share in trust until they are older and more financially responsible.

Witnesses and Execution Date

Execution date for this Living Trust:

Today

The Execution Date is the date that this Living Trust will be signed by you.

Sign in front of a Notary Public:

Yes

Generally, the law does not require that you sign your Living Trust in front of a Notary Public. However, having your Living Trust notarized will likely make it easier to transfer property as many banks and private institutions are unwilling to accept a Living Trust that has not been notarized.

Number of witnesses:

Two

In Ohio, no person under eighteen years of age may witness a Living Trust. A witness must understand what they are witnessing and must be competent to testify in court.

In Ohio, if a devise or bequest is made to a person who is one of only two witnesses to a Living Trust, the devise or bequest is void. The witness will then be competent to testify to the execution of the Living Trust, as if the devise or bequest had not been made. If the witness would have been entitled to a share of the Grantor's estate in the case where the Living Trust was not established, he may take so much of that share that does not exceed the bequest or devise to him.

The signing and witnessing requirements for a Revocable Living Trust are the same as for executing a Last Will. In Ohio, a Living Trust must be signed and attested in the conscious presence of the Grantor, by two or more competent witnesses, who saw the Grantor subscribe, or heard the Grantor acknowledge the Grantor's signature.

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Grantor

Trustee

Trustee

Beneficiaries

Beneficiary

List of Property to be Transferred into the Living Trust

Property or asset to be Transferred

Specific Gifts

Specific Gifts

Distribution of Residue of Trust

Residue

Additional Terms

Witnesses and Execution Date