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admin 10/11/2021

Download free Adobe Acrobat Reader DC software for your Windows, Mac OS and Android devices to view, print, and comment on PDF documents. The way to fill out the Declaration revocation trust form online: To get started on the blank, utilize the Fill & Sign Online button or tick the preview image of the form. The advanced tools of the editor will guide you through the editable PDF template. Enter your official identification and contact details.

The Texas revocable living trust is more commonly employed than an irrevocable living trust as a tool for managing a person’s estate. The reason being that a revocable living trust can be altered or revoked by the Grantor at any time, as their circumstances may change. During the process of creating a living trust, the Grantor will transfer ownership of their property and assets into the trust. During their lifetime, they will continue to benefit from these assets and if/when they die or are incapacitated, the trust will be distributed or managed according to the their stipulations. When the trust estate is distributed, the properties and assets can be claimed by the named Beneficiaries without having to undergo the process of probate. By avoiding probate, the Beneficiaries will not have to endure the associated inconvenience and costs.

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Step 1 – Download in Adobe PDF, Microsoft Word (.docx), or Open Text Document (.odt).

Step 2 – At the top of the revocable trust form, enter the Grantor’s name and the date. The names and addresses of the Grantor and appointed Trustee must be included below that.

Step 3 – Under Article 1, create a name for the Trust and select the box that applies to this particular Trust document; either an amendment of a prior trust or an original trust.

Step 4 – Article 4, Section A provides space for the Grantor to list their property. Enter the names of the individuals/organizations beside each item to indicate who will be inheriting these properties once the Grantor dies.

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Step 5 – Section B of Article 4 has two (2) boxes below it to establish who will receive the Grantor’s personal property when they die. Select only one (1) of the boxes. If the second box was selected, a name, address, and Social Security number must be included.

Step 6 – If the Grantor has any pets, they must appoint a “Pet Caretaker” under Article 4, Section C. Enter the name and address of the Pet Caretaker as well as the name and address of an “Alternate Pet Caretaker” in case the first is unable to accept the responsibilities.

Step 7 – Part (ii) is only applicable to those who completed Section C. If a Pet Caretaker has been appointed, the Grantor must decide what time of funding to provide them. A dollar amount must be entered if the first box was selected. Also, provide a number of “Months” or “Years” that the funding will last.

Step 8 – Under Part (iii) of Section C, enter the name and address of the individual who will accept the responsibility of “3rd Party Enforcer.”

Step 9 – Under Article 4, Section D, enter the names, addresses, and Social Security numbers of the Beneficiaries who will receive equal shares of any residuary property.

Step 10 – Under Article 10, an accounting-request limit must be established. Enter a number and select “Months” or “Years” to indicate how long a Beneficiary must wait between making requests on the Trust’s assets.

Step 11 – Designate a Successor Trustee and 2nd Successor Trustee under Article 13, Section A by entering their names and addresses.

Step 12 – To provide a reasonable fee for the Trustees, select the second checkbox under Article 13, Section I. Select the first checkbox to provide no compensation.

Step 13 – Go to Article 15 to establish the number of days a person must survive the Grantor after death in order to benefit from the Trust.

Step 14 – Under Article 17, the Grantor’s marital status must be noted. If they are married, the Spouse’s name must be entered in the field provided.

This part only applies if the second checkbox was selected in the step above. If both Grantor and their Spouse die at the same time, and it is indeterminable who died first, it must be established how the Grantor’s estate will be transferred. Select one (1) of the two (2) options.

Step 15 – Under Article 18, enter all the names of the Grantor’s children. If the Grantor is childless, leave this Article blank.

Step 16 – To create an even more detailed Trust document, enter the list of individuals/organizations who should be specifically excluded from the Trust under Article 21.

Step 17 – Article 22 requires signatures from the Grantor, the Trustee, and the Successor Trustee. Include printed names and the date.

Step 18 – On the Self-Proving Affidavit page, enter the State and County in which this Trust was created. Next, the Grantor, Trustee, Successor Trustee, 2nd Successor Trustee, and two (2) witnesses must sign this form and include the date. The bottom section of this page only needs to be completed by the notary public if the document was notarized.

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Step 19 – On the last page of the form, provide a list of all the assets and property that will be managed by the Trustee.

What Is a Deed of Trust?

For those who are acquainted with loans, the terms mortgage deed and deed of trust are often used interchangeably. But, it should not be the case because there is a distinct difference between the two even if they have a similar purpose. A deed of trust is a secured real estate investment that bases on the loan agreement between the lender and borrower. Similar to a mortgage deed, it also documents the property used as collateral to ensure the compliance of the borrower. An added factor for a deed of trust document is the third-party trustee. In this set-up, the trustee becomes the temporary owner of the property. The terms and conditions that free the arrangement from problems are present in a deed of trust.

How Do You Create a Deed of Trust?

There are a handful of conditions, situations, and elements to consider when creating a deed of trust. From the nature of the signed loan agreement up to the specifics of the rights of the trustee, the conditions must be written specifically to avoid confusion and possible validity questions. If you plan to borrow from sources other than banks, make sure that you are well-acquainted with the format and elements of a deed of trust form.

1. Introduce the Parties

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Introducing and presenting the details of the parties is especially important for a deed of trust document because there are several parties involved. Aside from the usual lender and borrower, the deed also requires the details of the trustee and co-signer. The co-signer pertains to the same party in the loan agreement if ever there was one. Even if the document calls for several parties, it only needs the legal names and mailing addresses. The legal name is especially critical for parties that are organizations or firms. In most cases, only the lender is an organization or firm.

2. Describe the Loan and Property

Expectedly, the details of the loan agreement between the lender and borrower must be present in the deed of trust form. This agreement serves as the foundation of the deed. But, it does not require all the details of the loan, not even a summary. It only requires the principal amount, interest rate, and signing date. Aside from the nature of the loan, this particular stipulation also demands details of the security property or collateral. Similar to what was required for introducing the parties, the property’s exact address is required together with its legal description.

3. Explain the Payment Arrangement

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All the parties involved must be well-informed about the terms of the payment scheme. The borrower, as well as the trustee, must know the amount that they will be paying every month and when to pay it. Sometimes, the method of paying is as important too. Using other methods of payment, aside from what it preferred, can tamper with the validity of the payment. There are several other terms in the document that affects the borrower’s payable amount such as insurance and maintenance fees among others.

4. Set the Parameters of the Trustee’s Power

The trustee plays an important role in protecting the property. Thus, all the parties must be well aware of what the trustee is capable of. In most states, the trustee has complete ownership of the property but the borrower has the sole right to reside in it. On the flip side, the dictate in other states only allows the trustee to hold a lien over the property. In more important matters, the power of the trustee to foreclose the property must also be emphasized.

5. Indicate the Consequences of Default

The presence of the collateral and the trustee is meant to ensure the borrower to pay accordingly. However, the borrower may still commit a default, which is non-payment, or other violations of the contract’s terms. If these situations happen, the parties can review this deed of trust to see the appropriate consequence. It is essential that this deed of trust must contain the specifics of the consequences such as foreclosure and acceleration of payment. But if the borrower was faithful in paying out the loan, the document must also present the details regarding the release of the property.

Frequently Asked Questions

What is the difference between a mortgage and a deed of trust?

The confusion between a mortgage and a deed of sale is not something new. As a matter of fact, both documents share a number of similar stipulations. The primary difference between the two is the number of parties involved. A mortgage only has two participating parties. A deed of sale, on the other hand, requires three parties—lender, borrower, and trustee.

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Is the property’s title its deed of trust?

Even if there are people who use these two terms interchangeably, these documents are completely distinct from each other. A title refers to the legal ownership of a certain property. A deed of trust, however, holds the property and its ownership as collateral or security instrument.

Who holds the legal title in a deed of trust?

The arrangement represented in a deed of trust requires a piece of property and its ownership as a security instrument until the loan is paid off. In the meantime, the trustee holds the legal title of the property.

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What is the primary purpose of a deed of trust?

Similar to other contracts and agreements, the purpose of a deed of trust is to provide protection and security. In particular, a deed of trust protects the property set as collateral in cases of disputes or breaches.

Do deeds of trust expire?

There are two ways on how a deed of trust will expire. The first and obvious reason is when the deed reaches its maturity date. The other reason for its expiration is when it reaches 35 years after its execution.

Loans, mortgages, and deeds of trust are easily available options that make homeownership affordable and available to a greater population. However, individuals must be wary of their terms and conditions because it involves a significant amount of money. To save you from troubles later on, make sure that you are well-acquainted with these documents even before using one.