Question 1

What is a Trust?

Accepted Answer

A Trust is a legal arrangement where one party (the Grantor) gives a second party (the Trustee) the right to hold the Grantor’s assets and distribute them according to the Grantor’s wishes. This arrangement allows the Grantor to maintain control over the assets and avoid the probate process.

Question 2

What makes a Trust legal?

Accepted Answer

Laws regarding creating Trusts vary by state. So while we can provide some guidance it’s also important to conduct your own research. That said, in general, the following must be true:

Your Trust must be signed by the writer(s) of the Trust, the grantor (s), in the presence of two witnesses, and a notary. Some states only require either two witnesses or a notary but to be thorough it is common practice to do both.
All parties including the writer(s) of the Trust, both witnesses, and the notary must be of legal age, of sound mind, and under no pressure to sign the document. Your witnesses must not be mentioned in the Trust.

Question 3

What kind of Trust does GoodTrust offer?

Accepted Answer

GoodTrust offers a Revocable Living Trust which can be altered, amended, or terminated at the Grantor’s wishes.

Question 4

What is the difference between a Will and a Trust?

Accepted Answer

A Last Will and Testament is a legal document used to appoint a guardian for your minor children and all pets and direct the distribution of your digital and physical assets. A Will goes into effect after you pass away and is subject to the probate process making it a public document. You can amend your Will at any time with GoodTrust.

A Revocable Living Trust is an arrangement where a third party holds your assets and distributes them according to your wishes. A Trust can avoid the probate process which keeps your family matters private and distributes assets sooner. Unlike a Will, a Trust takes effect at the time it is signed by all relevant parties.

Question 5

Can a Trust be digital?

Accepted Answer

While a Trust can be created in a digital format, it must be printed and signed by all relevant parties to be legally binding. Keep the signed copy of your Trust in a safe place and as a backup, upload your signed Trust into your GoodTrust Digital Vault.

Question 6

What type of Trust can I create with GoodTrust?

Accepted Answer

GoodTrust offers a Revocable Living Trust, which can be altered, amended, or terminated by the Grantor at any time.

Question 7

What is a Trustee?

Accepted Answer

A Trustee is a person named by the Grantor to take responsibility for managing the finances and assets that have been included in their Trust.

Question 8

What is the Grantor?

Accepted Answer

The Grantor is the creator of the Trust. For married couples or domestic partners who share assets, you can have two Grantors.

Question 9

Can I write a Trust with my spouse or significant other?

Accepted Answer

Yes, if you and your partner have joint ownership of your assets you can create a joint Trust where both parties will be a Grantor.

Question 10

What does it mean to fund a Trust?

Accepted Answer

Once your Trust is created you must take the steps to “fund” your Trust, or in other words, transfer your assets from yourself to the Trust. To do this you must physically change the titles of your assets to the name of the Trust.

Without this step your assets will pass through probate.

Question 11

What is a “pour-over will”?

Accepted Answer

A pour-over will is a legal document that accompanies your Trust ensuring all remaining assets will automatically transfer to your Trust after you pass away. This would include anything not transferred to the Trust during your lifetime such as newly acquired assets. Please note all items that pour-over into your Trust must pass through probate.

Question 12

What is probate?

Accepted Answer

Probate is the legal process that takes place after you pass away. If you have a Will, your executor will file the necessary papers at the probate court. This may include presenting a Will, having property appraised, paying debts and taxes then distributing remaining assets as the Will directs. If no Will is present then all assets will be distributed according to local state law.

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Questions about a Trust? We’ve got answers.

Revocable TrustRevocable Trust

Last WillLast Will

Funeral DirectiveFuneral Directive

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Health Care DirectiveHealth Care Directive

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