A couple questions about living trusts

A couple questions about living trusts

"Admiral Comodore"	1/19/2005 7:38:26 AM
I have a couple questions about living trusts: 1) Do multiple living trusts have to be named differently? I am using WillMaker and the software lets me create multiple trust documents but each one has the same name for the trust. 2) One of my living trusts is intended to receive my IRA. I want to name my infant son to be the beneficiary of the trust. Because of the way IRA's are handled by living trusts, the distribution of the IRA proceeds is based on the life expectancy of the oldest beneficiary (including residual beneficiaries) of the trust. As a result, I do not want any other beneficiaries mentioned. Again, I am having trouble with WillMaker. It requires that I specify a residual beneficiary. Is there any way to specify my estate as a residual beneficary without impacting the life expectancy calculations? Any other options? 2a) Alternatively, with a living trust, do I have to specify residual beneficiaries? I might be able to remove the section about the residual beneficiary with a bit of white-out. If I don't include a residual beneficiary and my son pre-deceases me, will the IRA proceeds be distributed based on the wording of my will? Thank you. == AC ==



Tam	1/21/2005 1:45:41 PM
On 19/1/05 12:38 pm, in article 03lsu090or44cpcrv9ldbta5dki8579tnr@4ax.com, "Admiral Comodore" <ac_e4w2w@yahoo.com> wrote: I have a couple questions about living trusts: The name of a trust is for convenience only and (ordinarily) has no legal significance 1) Do multiple living trusts have to be named differently? I am using WillMaker and the software lets me create multiple trust documents but each one has the same name for the trust. Add a number ("Trust #1, #2 ...) If you like Any other options? (residual beneficiaries) For the avoidance of doubt you could specify your estate as residual beneficiary You would be wise to have your document reviewed by a lawyer. I am dealing with a will trust (ironically drafted by a Harvard-educated lawyer 20 years ago. He's now dead.) that has a right of withdrawal (=power of appointment) that threatens to throw all the marital bypass trust assets into the widow's estate (subject only to the "5 x 5" safeharbor). There are many traps for the unwary. People who used Norman F. Dacey's book ("How to Avoid Probate!") sometimes did their heirs no favors.



Stuart Bronstein	1/21/2005 1:45:20 PM
Admiral Comodore wrote: I have a couple questions about living trusts: 1) Do multiple living trusts have to be named differently? I am using WillMaker and the software lets me create multiple trust documents but each one has the same name for the trust. They must be able to be identified separately. Trusts are usually identified by both the name and the date created. If two trusts have the same name and creation date, it could cause a lot of confusion. I don't know the answers to your other questions. Stu

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