[WSBAPT] renaming RLT after first death or when restating trust

[Valerie Ohlstrom]

Good morning:

 

I would also appreciate a recommendation for a good resource/article, etc., to better understand RLT’s – so please answer to the list. Thank you.

 

Very Truly Yours,

 

Val

 

Valerie O. Ohlstrom

 

Ohlstrom Law Office

 <mailto:vohlstrom at comcast.net> valerie at ohlstromlaw.com

 <http://www.ohlstromlaw.com/> www.ohlstromlaw.com

(425) 881-5251

 

 

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of John J. Sullivan
Sent: Thursday, August 27, 2015 10:14 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] renaming RLT after first death or when restating trust

 

Chandra:

 

I never go through the exercise of retiring assets held in the still revocable side of the trust. Never had it be a problem. 

 

I always retain the original date when titling assets. Following a restatement I will add "as amended and restated on __/__/__."  

 

John Sullivan

Sent from my iPhone


On Aug 27, 2015, at 9:33 PM, Chandra Lewnau <chandra at lewnaulaw.com> wrote:

 

 

 I am currently revising the survivor's trust portion of a revocable living trust after the death of the wife. I realize there are a few technical details I'm not sure about.

 

The trust called for the RLT to be split into 3 shares at the first death: The Survivor's Trust, the Credit Trust, and the Marital Trust. Only the survivor's trust is still revocable. The other trusts were funded at the first death but I believe the husband simply left the assets for the survivor in the name of the Revocable Living Trust and has continued to use that as the survivor's trust.

 

Should client have retitled the assets for the survivor's trust, or is it ok to continue to use the original trust name, etc?

 

When I restate the survivor's trust portion, is it standard practice to rename the survivor's trust, i.e. from Bob Smith RLT to Bob Smith Revocable Living Trust-Survivor's Trust or something like that? Is there a standard convention for renaming?

 

When I identify the restated survivor's trust, do I use the date of the original agreement, or the date of the restatement?

 

Bob Smith Revocable Living Trust-Survivor's Trust, U/A dated 9/1/2000, and any amendments thereto or

Bob Smith Revocable Living Trust-Survivor's Trust, U/A dated 9/1/2015, and any amendments thereto

 

or both

Bob Smith Revocable Living Trust-Survivor's Trust, U/A dated 9/1/2000 as restated 9/2/2015

 

Finally, is there a good article or other reference source for this kind of practical detail?

 

Thanks in advance

Chandra M. Lewnau

Attorney

Johnson & Nagaich, P.S.

 

 <mailto:JBattin at eldercounselor.com> CLewnau at eldercounselor.com

 

Johnson & Nagaich, P.S.

Elder Law and Estate Planning

31919 Sixth Avenue South, Suite A-100

Federal Way, Washington 98003

 

Seattle:    253.838.3454

Tacoma:   253.927.3344

Fax:         253.838.9268

 



 

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