Hope From The Heart

Your Revocable Living Trust

Planning for the future of your loved ones can be difficult.  Tax concerns and arrangements for specific care often require more than a simple will  can handle.  An outstanding solution for many estate planning problems can be found through the use of a revocable living trust.

WHAT A REVOCABLE LIVING TRUST IS

A Revocable Living Trust (RLT) is a legal document that enables you to leave instructions for who you want to handle your final affairs and how you want your assets distributed after you die.  An RLT looks a lot like a will, but unlike a will, the trust does not go through the probate process in your state.  That means you can appoint the person that will be responsible for managing your estate, it prevents the court from controlling your assets if you are declared incompetent, and it give you (not the court) control over the assets in the trust that you leave to your minor children and/or grandchildren.

Benefits of Using a Living Trust

There are many benefits offered by using a living trust in your estate plan.  Among them are the following:

1.   A living trust allows your estate to be settled without the expense and delay of the probate process.

2.   A living trust is versatile.  The trust you establish is created to meet your needs and the needs of your loved ones.  It can be changed or terminated at any time.

3.   A living trust allows your estate to be distributed quickly.  The probate process can take months or years, while a living trust may take only days.

4.   A living trust allows heir's incomes to continue uninterrupted at the death of the individual (grantor) who establishes the trust.  Time lost waiting to settle a will could mean the loss of specialized care or financial strain for those depending on this income.

5.   A living trust reduces estate administration costs.  Significant amounts of the deceased's assets can be consumed by fees, taxes, and other expenses through probate, leaving much less for loved ones.

6.   A living trust provides for continuous management of your assets in the event if incompetence or disability of the grantor.

7.   A living trust assures that your charitable planning is carried out in a timely manner.

How to Establish Your Living Trust

Legal Counsel

You should enlist a reputable attorney throughout all phases of establishing your living trust.  Your trust agreement must be drafted in accordance with the laws of your state and must be signed by all parties involved in order to be properly established.

Naming Trustees

A trustee and successor trustee should be appointed and named in your trust agreement to provide trust management and to distribute all assets.  The grantor serves as trustee and appoints the person or organization he/she wishes to distribute the estate as the successor trustee.  The successor trustee may be an individual such as a child of the grantor, or a corporate trustee can be named.

Distributing Trust Assets

Assets are distributed by the successor trustee at the death of the grantor.  Assets are distributed outright or may remain in trust and be distributed as otherwise specified.

Remembering Union Gospel Mission

You can remember the Union Gospel Mission through your living trust in a variety of ways.

• Leave a percent of the remainder of your trust to Union Gospel Mission;

• Leave a specified amount to Union Gospel Mission;

•  Establish a trust for family members for their lifetimes, then pass the remainder to Union Gospel Mission upon their deaths;

• Leave assets to Union Gospel Mission to establish a testamentary charitable trust for the lifetime of a relative or friend with the remainder passing to UGM-GH.

If you would like further information, a representative from the Ministry Support Office will be happy to assist you.

Ministry Support

Union Gospel Mission of Grays Harbor

405 E Heron, PO Box 859

Aberdeen, WA 98520

360.533.1064

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