Revocable Living Trusts: Getting Started
A revocable trust agreement is simple. You transfer assets—usually cash and securities—to the trust, naming the trustee of your choice. (That trustee may even be you.) You're the beneficiary of the trust during your lifetime. The trustee will manage the assets and pay to you the net income—or if you want additional funds, a portion or all of the principal.
A living trust can be a way to manage your investments—for your benefit during your lifetime and for your family's benefit afterward.
After your lifetime, the trust becomes irrevocable. Your specified loved ones can receive lifetime income or principal from the trust, or you can have their share given to them in a lump sum, much like a regular will. When the trust terminates, the remaining assets are given to the beneficiaries you chose, often in the form of percentages. Should you choose to include The University of Massachusetts Amherst in your trust as a beneficiary, we can use the percentage you designate to us for our important needs.
If you'd like to remember UMass Amherst after your lifetime, share our bequest language, to add to your living trust, with your estate planning attorney.
Your attorney can help you consider what type of bequest fits your overall estate plan, family commitments, and charitable goals. The basic bequest language for University of Massachusetts Amherst to share with your attorney is:
"I designate _________________ to the University of Massachusetts Amherst at Memorial Hall, 134 Hicks Way, Amherst, MA 01003-9270. I request this gift be used for __________________ (for instance, a specific department, college, school or program, a scholarship, or for general purposes of the campus)."
Click here for other common types of bequest language.
|Learn more about giving back through your will and living trust.|
Please contact our gift planning specialist at 413-545-4200 or email@example.com if you have additional questions about supporting The University of Massachusetts Amherst through your revocable living trust. We're happy to help without obligation and in confidence.
Getting Started | Pros and Cons of Living Trusts | Living Trusts Q&A | Assessing Your Needs | Case Study | Choosing Your Trustee | Do You Still Need a Will? | Action Items
Copyright © The Stelter Company, All rights reserved.
The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.