Those who will receive the trust property after your death are called the beneficiaries and can include family members, friends, or even charities and other organizations. Two individual trusts would be the alternative. You can only put property you own into the trust, so if you are married or in a domestic partnership and much of your property is owned jointly, you will likely want to draw up a shared trust. Decide Whether You Will Be the Sole Grantor Gather them now and have them ready so the process can go more smoothly and quickly. You will need all of the titles and deeds of property, stock certificates, and life insurance policies in order to “fund the trust,” that is, to transfer the property into the trust, discussed more fully below. Generally, you want to include any that would normally pass through probate in order to take full advantage of the benefits of having a living trust. You don’t have to include all of your property in the trust, though, so once you have a list of all your assets laid out before you, you can choose which you will put into your trust. To be sure you have a complete picture of your estate, you should make a list of all of your assets including your house, car, jewelry, stocks, bonds, life insurance policies, etc. List Your Assets and Decide Which You’ll Include in the Trust The first half of the living trust checklist below will help you make sure you have what you need before you begin the paperwork.
You can even find living trust forms online to guide you through the process of how to write a living trust and be done in minutes. One of the main advantages of a living trust is that it isn’t subject to probate, which means for a fast transfer of assets without additional costs.Īre you ready to create a living trust? Whether you decide on a revocable living trust, whose terms can be changed at any time, or an irrevocable trust, you should know that writing one doesn’t have to be complicated. At that point, the trust is turned over to the grantor's choices of successor trustee, who will distribute trust property according to the grantor’s wishes. Through a living trust, the person writing the trust (grantor) retains control over the trust’s property until her death. A living trust can be a great way for you to make sure your wishes are followed after your death, provide for fast distribution of your assets, avoid unnecessary taxes, and keep your financial affairs private. Living trusts are one of most commonly used estate planning tools today with good reason.
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