A living trust gives you the needed peace of mind that your assets will go to the right place after your death. It also ensures that your family will be provided for and all your hard earned money will be given to whomever you wish.
A living trust is a legal document that allows you to place your assets to a trust which manages and protects them till you are alive. After your death, the trust distributes the collected funds to the people you have named as beneficiaries. Devising a living trust is one of the most important decisions of your life, and you should spend some time to research about it.
Here are four steps you should follow when setting up a living trust fund.
1. Compile a list of all your assets.
The first thing you should do is to make a list of everything that you own. These can include your car, your house, jewelry, property, stocks, bonds, or any other insurance policies in your name. Having a list of possessions will help you draw a clear picture of your worth and will make it easy to distribute it once you are dead.
2. Find an Attorney.
Choosing the right attorney is very important as he is directly responsible for preparing your documents and transferring the assets. Drawing up a trust fund involves a lot of state laws which ordinary people don’t know about. If you want to set up a trust fund in California, you should acquire the services of a living trust attorney in San Diego, for example. These attorneys are familiar with all the local laws and can create the perfect paperwork for you.
3. Gather Paperwork for your assets.
The next thing you should do is make sure that you have all the legal paperwork which ties you as the owner of your assets. Whether it is a home, a car, stocks, deeds, titles, or certificates, you need valid proof that you are the owner of everything. In order to let the attorney prepare the trust fund, you need to provide proof that the assets belong to you. As soon as you hand over the paperwork, the attorney will start to transfer these assets into your trust fund.
4. Choose Your Beneficiaries.
A part of devising a living trust is choosing beneficiaries who will receive your assets upon your death. So, you should make a clear list of who you want to choose as your beneficiaries. They can include your family, friends, or any charities you want to donate money to. One of the best parts about setting up a trust is that you can also choose the people who you don’t want to give anything at all. Discuss with your attorney whom you want to choose so that there is no confusion after your death.
You can also add or remove anyone from the list of beneficiaries before your death. Make sure to keep in touch with your attorney to avoid any legal fights among the beneficiaries.
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