Kentucky Living Trust Forms
Download the Kentucky Living Trust which is used to create a separate entity in order for you, as the grantor, to set aside property for the benefit of certain people or organizations you choose. The living trust provides flexibility as to how and when the funds are used. For instance, you can specify that beneficiaries not receive any property until they reach a certain age, or designate that the property can only be used to fund certain things, such as education and medical expenses. As grantor, you also appoint a trustee to mange your trust in a fiduciary capacity. That means they are obligated to manage the trust in such a way that is in the best interests of the beneficiaries.
Revocable vs. Irrevocable: A revocable trust is a trust which may be revoked or changed during the life of the grantor. It becomes irrevocable upon the death of the grantor. An irrevocable trust, as the name suggests, is a trust that cannot be changed or revoked once it is made without incurring certain tax and other potential consequences.