GIFT LIST

You can create a separate gift list that is
incorporated into your Revocable Living Trust

The gift list may be handwritten, typed on a typewriter, or created on a computer and then printed. You must sign and date the gift list. Your signature does not need to be witnessed or notarized. If you change the gift list (which you can do as often as you like), you should make a new gift list. You should not cross out or erase a gift because it is difficult to know if you or someone else make the changes. The gift list should be kept with a copy of your trust. “Incorporated” into your trust means that the gift list becomes part of your Revocable Living Trust and must be followed by your Successor Trustee.

The gifts must be personal property, not real estate.

Personal property is everything you own that is not real estate. Personal property includes jewelry, furnishings, stocks, bonds, motor vehicles, and boats. You can also make monetary gifts. The gift list, however, should not contain a gift of real estate, for example a home, cottage or vacant land. Specific gifts of real estate should be made in your trust.

The gifts in your gift list will be given first, then the balance of your property will be distributed to the beneficiaries you name in your trust.

If, for example, you make a gift of one hundred dollars, the one hundred dollars is given before the balance (residue) is distributed to the beneficiaries (residuary beneficiaries) you name in your trust.

Tips: Review the gift list at least one a year to be sure you still own the item and the beneficiary of the gift is living.

Create a new gift list if you no longer own the item, the beneficiary of the gift is deceased, you want to make a different gift, or you no longer want to make the gift.