Revocable Living Trusts in Union City

Start with ownership, not just the document

A revocable living trust can name a successor trustee to manage trust property under the trust’s terms. But signing the trust document alone does not establish that every asset is held by the trust. For each asset, identify its current owner and the steps, if any, needed to align its ownership with your plan.

Keep beneficiary designations and other ownership arrangements visible in the same review. They may affect how an asset passes, so do not assume that naming an asset in your planning notes—or signing a trust—changes its ownership or designation. Confirm the appropriate process with the relevant institution or professional.

IRS guidance describes a revocable living trust as a written arrangement created during life that can be changed or ended during the individual’s life. The agreement, the person responsible for trust management and the assets actually coordinated with it are separate parts of the planning work.

Compare the plan you have with the plan you want

A useful comparison is a two-column ownership map: what happens under the asset’s current title or designation, and what you intend to happen under the trust plan. Add a third note for who has authority to act during your lifetime and who would act as successor trustee under the trust. These are different questions; a trustee’s role is not automatically the same as an agent’s authority under a power of attorney.

A power of attorney authorizes another person to act on your behalf, but its scope, duration, and limits matter. It does not make that person a trustee. Consider whether both roles are addressed, whether the people named can coordinate, and whether the documents reflect your current wishes.

Prepare an asset-and-authority inventory

Before a planning meeting, make a simple inventory with one row for each significant asset. Record the current owner or account title, any named beneficiary, the intended plan, and the institution or record that can confirm the information. Include real estate, financial accounts, and other property that matters to your plan; do not guess at title or assume that an old statement reflects current ownership.

Add the names of your proposed trustee and successor trustee, financial agent, and healthcare agent in separate fields. Note any questions about availability, access to information, or coordination. A Tennessee advance healthcare directive addresses an agent or alternate and healthcare preferences; it is not a substitute for trust terms or financial authority.

Coordinate real estate and tax questions

If real estate in or near Union City is part of the plan, verify the current ownership information and ask what steps would be appropriate before relying on the trust to manage or pass that property. The UT CTAS directory lists a separate Obion County Register of Deeds contact at P.O. Box 514, Union City, TN 38281. This may be a mailing address; confirm current instructions before visiting. A directory listing or recorded document does not by itself establish clear title or determine the right transfer process.

Trust tax reporting depends on the trust’s structure: grantor-trust and separate-entity treatment differ. The trust label alone does not determine the tax result. Ask how the proposed trust would be treated and what reporting may apply to your circumstances. A trust document by itself also should not be treated as establishing eligibility for public benefits.

Questions to resolve before signing

Ask which assets are intended to be owned by the trust, which may remain outside it, and how each is expected to pass. Confirm who can act in each role, what authority each document gives, and how you will verify that ownership and beneficiary information matches your intentions. Discuss how the trust coordinates with your will and other planning documents, and what changes should prompt a review.

Dale Law Group, PLLC offers revocable living trust planning as part of its estate-planning services for people across Tennessee.