You can make Specific Distributions as part of your Living Trust or Custom Will and update them prior to signing but once signed you will need to "Restate" your Living Trust or Re-sign your Custom Will both of which will be free from MyAdvocate for the first year and $29-39 year thereafter + notarizing costs.
For non-monetary or non-titled items can also use our Tangible Personal Property Memorandum which is included as part of the Living Trust and Custom Will package. This can be changed and signed at any time with no cost.
In summary;
Put the following items into Specific Distributions when they meet one of the following characteristics;
- monetary items (cash, financial accounts, stock, crypto, etc...)
- titled items (cars, boats, rv's, houses, property, stock, small business ownership, etc...)
- require items be potentially held in trust based on rules or constraints (EG: only distribute if the beneficiary has reached a minimum age, or at the trustee's discretion, etc...)
All other items can be listed in the Tangible Personal Property Memorandum (blank form at end of Will document)
- Examples: Jewelry, collectibles, clothing, furniture, etc...