The popularity of the living trust has soared in recent years as more people discover its significant estate planning benefits. Like a will, a living trust allows you to transfer property to your beneficiaries–but with one important difference–a living trust is not generally subject to probate (which can tie up your estate for years and consume a large portion of its value in court fees).

1. Avoid probate.

2. Save your family time and money.

3. Avoid the need to probate out-of-state real estate.

4. Avoid the need for a conservatorship.

5. Keep your estate, assets, and debts confidential.

6. Change your mind at any time.

7. Avoid the need for a lawyer and judge to distribute your property.

1. List all of your assets on a piece of paper.

2. Determine the approximate Fair Market Value of your assets.

3. Have a lawyer draw-up the appropriate trust document.

4. Transfer your assets into the name of the trust.

For example, if you own a home, you MUST change the title (deed) to the name of the Trust – i.e. from “John and Jane Doe, as husband and wife” to the “Doe Living Trust.”
 This is a simple procedure wherein a new deed is drawn-up, notarized and recorded with the County Recorder’s Office.

Bank accounts with significant assets also need to be changed to the name of the Trust – i.e. John “Doe Savings Account” must be changed to the “Doe Living Trust Savings Account.” This is a simple procedure that can be done by sending the bank an instruction letter and a copy of the Certification of Trust.

For other assets that do not have a title document, such as jewelry, collectibles, paintings, etc., these items can simply be listed in the Trust document.

1. Have a living trust

2. Gift assets while living

3. Live forever!