Life Estate
Trusts are commonly used to hold and maintain assets for loved ones. A residence may be kept for children, their guardians, a spouse, parents or whomever else you choose. The trust can pay none, part or all of the expenses associated with the property. Let your document preparer know how you want your plan to read.
Use Of Home By Children And Guardians
The Trustee shall allow any of the Trustors' children, together with any legal guardian(s), the use and enjoyment of the home known as 123 MAIN STREET, PHOENIX, AZ 85003, together with all furnishings, appliances and related items. Said use may be until the Trustors' children attain the age of twenty-three (23) years of age. All expenses associated with the home including, but not limited to, mortgage, taxes, utilities and upkeep shall be paid by the Trust Estate.
Four-legged family members (and those without legs) can be cared for by a living trust. The trust can hold money to reimburse the caretaker of the pets. Money left after the last trustor's pet has died can be distributed with the rest of the estate or be left to a charity, such as a local animal shelter.
Caring For Pets
The sum of Ten Thousand Dollars ($10,000.00) shall be held in Trust for the care of our pets. Any amounts remaining after their demise shall lapse and become a portion of the remainder of the estate.
