Creation of a Revocable Living Trust by Declaration of Trust in USA
Definitions of Some Words Used on This Page
Trust is property interest held by one person for the benefit of another.
Trustee is a person to whom property is legally committed in trust, to be applied either for the benefit of specified individuals, or for public uses.
Will is the legal declaration of a person's mind as to the manner
in which he would have his property or estate disposed of after his
death
Intestate is one who, having lawful power to make a will, has
made none, or one which is defective in form. In that case, he is said
to die intestate, and his estate descends to his heir at law.
Introduction to the Problem
If someone with a little research expertise looks through the local County Recorder of Deeds' property indexes that store up the owners' real estate records, for example in the Northwest States of the United States of America, and carefully observes how many real estate owners hold real property "in their own name" but not "in Trust" or as Trustees, it will be obvious that their number is staggering!
However, the Schiavo v. Schiavo, court case No. 03-008212-CI-20, a probate court case in the Pinnellas County, State of Florida, the Circuit Court of the Sixth Judicial District, has given a lot to think to many American citizens property owners who do not have a "living Trust", a "living Will" or Medical Directive or even a simple "Will" document. The Court "Motion" of intervention of the Governor of Florida requesting the "disqualification" of the Probate Court Judge in Pinella County (see, motion text at: http://sun6.dms.state.fl.us), and other Federal both executive and legal "intervention" in the aforementioned tragic probate case is very revealing, and speaks volumes about the necessity of real estate owners to focus their attention on this subject, namely, to create a "living Trust" as a means of avoiding probate and more. The time of "ignorance" about this important subject of life and death is over!
Unfortunately, since November 14, 2003 when the Schiavo case was running daily in the media to the astonishment of much of the American public and their Representatives in Congress and even the Executive branches of government not so much has been visibly accomplished at the local County level where the property owners are identified (for example for tax and title purposes) at the Office of the Recorder of Deeds.
After such a tremendous probate court case that rocked our national soul, one would expect the said staggering number of property owners to have a change of heart by start keeping their property "in Trust" as Trustees instead of keeping it in their own name! But, this is not exactly the case at all. Real Estate property owners, for some unexplained reason, continue to keep such real estate property in their own name and not "in Trust" as Trustees of their Trust!
- No, the status quo seems to be maintained on this important American subject.
- No, not many property owners have created a family Trust.
Surely, the Schiavo's probate case in Pinella County, Florida should have prompted most of American property owners to take action so as to protect themselves from these kind of potential circumstances, as Schiavo's, that can ruin ones's life and happiness!
Of course, their action shoud have been to create a "living Trust" at best or at minimum a "Will" document; at least some written document that expresses the property owners' intent about how their property is going to be transferred at death or before via a Trust.
A "living Trust" would be the best way, but even a "Will" document would be better to have than no document at all!
A property owner passing away "intestate" is not a pretty picture at the local Probate Court jurisdiction! Innumerable probate court cases have demonstrated that no one can accurately predict the outcome of such cases. The State's and other menue "legal fees" are quite impressive against the estate of the deceased intestate having no Will or Trust. The fees alone, can potentially devastate the economic future of such inheritors of "intestate" deceased individuals if such individuals have relied upon the probate court to "protect" their interests! In fact, in some States, the probate fees are mandatory by State statutes, and as stated above, the outcome in such cases of intestate is not a pretty picture!
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