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The most important document is the trust document that created the trust – either a living trust document or the decedent’s will.You have to sign it and, depending on state law, you may have to have it notarized or witnessed.
Before the trustee distributes remaining trust assets to your beneficiaries, she needs to create a distribution plan that conforms to the terms set out in the trust document.The trust document establishes the existence of your trust, the role of the trustee, her authority to deal with third parties such as bank officials, and her authority to liquidate trust assets.She will also need the title deeds to all titled property owned by the trust – real estate deeds and bank account documents, for example. Normally, these are listed in the trust document or an appendix.A living trust, in contrast with a testamentary trust, comes into existence while you are still alive.Pennsylvania's trust law is based on the Pennsylvania Uniform Trust Act.The person in charge of distributing assets held in a living trust to the trust beneficiaries is called the trustee.
The process of distributing the trust property is a bit more involved than simply handing property over to the beneficiaries.
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If one-third of the trust assets go to Beneficiary A, for example, she may simply transfer title to a trust-owned house if its value is appropriate, or sell the house and distribute the proceeds to the beneficiaries.
If after trust debts are paid, insufficient assets remain to satisfy all beneficiaries, the trustee will have to prorate the distributions to beneficiaries.
The main advantage of a living trust is that since it is prepared while the grantor is still alive, it allows the grantor's property to pass to his beneficiaries, both before and after his death, without the expense and delays of probate.