Living Trusts

The Kansas living trust is a document that enables an individual (the Grantor) to transfer ownership of their property into an entity to be distributed to a Beneficiary (or Beneficiaries) upon the Grantor’s death. Depending on the type of trust created, the Grantor may choose to be the person responsible for managing the trust during their lifetime and (Revocable Trust). Alternatively, the Grantor can file an Irrevocable Trust which offers them no control of their assets but provides protection from collection agencies and reduces estate tax. Both Irrevocable and Revocable trusts are not subject to the probate process.

Laws – Chapter 58a (Kansas Uniform Trust Code)

Will (Last Will and Testament) – A Will operates similarly to a trust, however, the assets placed in a Will are subject to the court administered probate process. It is also possible to transfer to a Will any additional asset not designated to a trust.

Types

Irrevocable Living Trust – The Grantor may not alter an Irrevocable Trust once conceived. Certain tax advantages are offered through this trust type, such as protection from estate tax which would typically be implemented after the Grantor’s death.

Revocable Living Trust – If the Grantor elects to act as Trustee, he/she can modify the trust easily during their lifetime. This includes naming additional Beneficiaries or changing any provision initially established.