Believe it or not, you can create your own living trust. While it may sound complicated, with some planning and the right preparation, it can be quite simple. To make sure you complete your living trust paperwork right, use the workbooks available at a We the People store.
A Checklist to Create Your Own Living Trust
1.Shared or Individual Trust – Decide if you want a shared or individual trust. Shared is ideal if you already share your property with a spouse or partner. If not, you can opt for two separate, individual trusts.
2.Pick Items – Pick what items you will leave in the trust and who will receive those items from the trust (i.e. family members, charities, etc.).
3.Select a Trustee – A successor trustee distributes the property in your trust to your selected beneficiaries. Discuss the role and responsibilities with the person of your choice — making sure you have selected a responsible and willing party for the job.
4.Management for the Property of Children – If young children are inheriting items from your trust, you will need an adult to manage that property. This is just until the children come of age and are legally old enough to inherit that property.
5. Create the Documents – Living trust paperwork, also known as a Declaration of Trust, must be completed. These forms must be accurate, signed and notarized to be complete.
6. Transfer the Title – For your trust to be effective, you must transfer the title of your property to yourself as the trustee.
7. Store Your Documents – Pick a safe place, such as a fireproof safe inside your home, where you can easily access the documents.
Preparing your Declaration of Trust can take some time. There are many steps involved and not having the paperwork completed properly could result in a delay. At We the People, we can help you prepare your paperwork. While we cannot provide you with legal advice regarding your estate, we can ensure preparation accuracy.
Get started and create your own living trust paperwork today. Find a local store near you or make an appointment for your free consultation to learn more about living trust paperwork today.