There are a few things about revocable trusts that a trustor should know prior initiating the trust process. Not everything in a revocable living trust is cut and dried. The more comprehensive trusts are, the better for beneficiaries in Arkansas. For instance, all the assets of the trustor should be included in the trust since anything left out could mean probate may be required. That means everything of value — even property on which the trust maker was listed as a tenant in common.
All beneficiaries should be kept up to date regarding the revocable living trust as well. If there is a spouse, then he or she has to ensure that state tax returns are remitted and tax returns are prepared even if no taxes are due for the benefit of any successor trustee. A trustor would also be wise to spell out how beneficiaries will receive their inheritances.
Will beneficiaries receive their inheritances in one lump sum or will they be rolled into a trust? An attorney may be able to offer advice regarding these decisions based on individual circumstances — especially when it comes to the law and estate taxes. Also, if the trustor is a business owner, he or she should have an exit plan in place in regard to what happens to the business when he or she dies.
There are other issues pertaining to revocable living trusts with which an attorney may be able to help such as disagreements between beneficiaries or how retirement accounts are treated. The law in these instances can be confusing and complex. An Arkansas lawyer might be able to unravel some of the confusion trusts may create.
Source: theblance.com, “Learn About Settling a Revocable Living Trust“, Julie Garber, Accessed on May 21, 2018