The level of service that BCN provides is vital to the effectiveness of your revocable living trust. Each year, BCN assists with more than 50 death claims, many involving emergency trusts that are implemented just prior to the death. This direct first-hand experience working with surviving family members – actually settling trusts – allows us to bring much greater knowledge, understanding and clarity to every family we work with.
Personal Review & Thorough Preparation
We meet with you at your home, at your convenience. We take the time to thoroughly answer questions and address your concerns, so you can see exactly how a revocable living trust will strengthen your overall estate and financial plan.
The trust documents are complete. They include the Declaration (whether Marital, Marital A-B, QTIP or Single), Certification of trustee powers, Pour-over will, Power-of-attorney for property, Power-of-attorney for health care, Asset schedules, Specific gifts, Amendment and minutes worksheets.
After your documents are prepared, we personally deliver your trust and explain each of the documents in detail.
Complete Trust Execution & Funding
The BCN representative, acting as a Notary Public, ensures that all documents are properly signed, notarized and witnessed.
All assets that will be placed in the trust are itemized in the trust schedule (this helps to demonstrate intent, and facilitates settlement upon death).
Registration and titling letters for all personal assets to be placed in trust are prepared by BCN, signed by the client (signature guaranteed by BCN), and mailed to the various savings institutions, mutual funds, insurance companies, etc. BCN continues to assist the client until all personal assets are properly retitled and beneficiary changes are completed.
Trust transfer deeds, certifications, and state real property transfer forms for all real property to be placed in trust are prepared by BCN, signed by the client (notarized by BCN), and mailed to the appropriate county recorders office. BCN continues to assist the client until all real property has been properly recorded in the name of the trust.
Extensive & Ongoing Service
Any and all changes to the trust (except changes necessary because of divorce), will be handled by BCN at no charge for the lifetime of the trust. The revocable living trust is designed to be flexible, and we do not want clients hesitant to update their documents because of cost. Trust preparation firms typically charge hundreds of dollars for trust updates and amendments.
Upon death, as part of our comprehensive claims service, BCN assists with the settlement of all trust assets. Usually an irrevocable B trust is established. Properly funding the A and B trusts after death is a critical decision based more on financial planning considerations than legal requirements. BCN carefully explains and clarifies the distinction between the A and B trusts, and makes specific financial and estate planning recommendations.
Upon death, appraisals of all real property and valuations of all personal assets are collected and documented by BCN, to preserve significant tax benefits. A tax identification number (TIN) must be obtained for the irrevocable B trust. BCN completes and submits the TIN application for the surviving spouse. 1041 and K-1 tax returns must be submitted for the irrevocable B trust. BCN will work with the surviving spouse's tax-prepared to ensure that these returns are prepared, at the minimum possible cost.
