Revocable Living Trusts

Parameters 

• A Revocable Living Trust is a popular estate planning tool for determining who will get property when a person dies.
• Allows people to avoid probate.
• Most living trusts are “revocable” because they can be altered if circumstances or wishes change. 
• Revocable living trusts are “living” because they are drafted while the person is still alive. 
• Trust document required which will list:
  • Property included in the trust.
  • Name of the Trustee.
  • Name of the person who gets the property when the Trust maker dies.

Checks

• Must be made payable to a Trust and be deposited into an established Trust account.
• The check may be endorsed by the Trustee or stamped for “Deposit Only.”
  • Example: Jane Smith, Trustee, The John Smith Revocable Living Trust
• Exceptions:
  • Cashier’s Checks, Government Checks and Insurance checks.
  • These items will need to be endorsed by the Trustee as the individual is identified in the Trust document.

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