Signed Personal Check
March 27th, 2011 | 
Author: Signed Personal Check Currently For Sale On eBay
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Signed Personal Check
If someone had a living trust? Why would they have it stamped on their personal checks?
Last year my parents signed a living trust and now on their personal checks they have it stamped on them by there name ,address, and phone number. At the top of each check they have my dads name and than my mons name and under that it said..."mom's name" in living trust of "dad's name". What's with that??? If you have a living trust do you have to tell the world about it on your personal checks?
It means that they have a revocable trust, and to be effective, all their assets (money, house, real estate) have to be put in the trust's name. It means they no longer own the assets personally, but the assets are managed according to the terms of the trust.
When they die, the assets will automatically be put into an irrevocable trust, and the assets will be handled according to the terms of that trust document.
People do this to avoid probate, thinking this is a wonderful thing. They also mistakenly think it will avoid estate taxes, which it does not. It is also useful if someone becomes incapacitated, because the trust document will say how to handle the assets in this case.
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Signed Personal Check Currently For Sale On eBay.
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