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Things to Keep in Mind When Filling Your Kansas Revocable Living Trust Form
While you cannot predict the future, creating a revocable living trust can prepare you for it. This type of trust allows you to set aside assets for your loved ones, which can be used if you become incapacitated or pass away. And as the name suggests, you can change or revoke the trust at any time, as long as you are of sound mind.
How Do You Make a Revocable Living Trust in Kansas?
The creator of a revocable living trust is called the grantor, settlor, or trustor. This person transfers ownership of their assets to the trust, which a trustee manages. The trustee is responsible for managing the trust according to the terms set forth by the grantor. The trustee can be the grantor themselves or someone else that they designate.
A revocable living trust becomes irrevocable upon the death of the grantor. At this point, the trustee must distribute the assets by the trust agreement.
To create a revocable living trust, you must first identify the assets you want to transfer to the trust. These include your house, car, bank accounts, investments, and life insurance policies. Once you have decided which assets to include, you will need to transfer their ownership to the trust. This is typically done by changing the title or deed to reflect the trust as the new owner.
You will also need to name a trustee and designate their powers. You can name yourself the trustee, or someone you trust, like a spouse, child, or close friend. The trustee will be responsible for managing the trust according to your instructions.
Remember to identify your beneficiaries who will receive the assets from the trust when you pass away. You can name anyone you want as a beneficiary, including family members, friends, charities, or organizations.
After taking care of these details, you must sign the trust agreement before a notary public.
Do You Need a Kansas Revocable Living Trust?
Kansas is yet to adopt the Uniform Probate Code, meaning that the probate process in the state can be complicated and time-consuming. The good news is that you may leverage a simplified probate process if your estate is small.
For example, your beneficiaries may use an affidavit to claim the trust properties as long as the total value of all assets subject to probate is $40,000 or less. Moreover, you may request a more simplified probate process from the probate court as long as your estate meets specific requirements.
Depending on the size of your assets, you may transfer your estate through a transfer-on-death deed to avoid probate altogether.
Do You Need a Will With a Kansas Revocable Living Trust?
If you have a Kansas revocable living trust, you may still need a Will to supplement it. As you know, only some of your assets may be transferred to the trust. But you may want to include personal items like jewelry or family heirlooms in your Will to specify who gets them.
Moreover, a will allows you to name a guardian for your minor children if something happens to you and your spouse. Without a will, the court will decide who takes care of your children, which may not be someone you would have preferred.
Does a Revocable Living Trust in Kansas Reduce Estate Tax?
A revocable living trust will not protect your assets from Kansas federal estate tax, which applies to assets above $12m ($24 million for married couples). However, setting up an AB trust can reduce your estate tax liability.
If you wish to create a revocable living trust online, Forms. Legal has all the forms to make the process easier for you. These templates are free to download and print and can be customized to fit your needs.