How to Obtain a Living Trust
Determine the basics of the living trust., Create the living trust., Transfer all titles of property into the trust with knowledge of the trustee.
Step-by-Step Guide
-
Step 1: Determine the basics of the living trust.
Decide if the living trust is a shared or an individual trust.
An example of a shared trust is one that includes you, your spouse or a business partner.
Decide who runs your living trust.
You can preside over the trust or pick someone to be the trustee.
However, be careful to pick a successor trustee to manage the property once you've died.
Select the property you want to include in your living trust such as bonds, real estate, and stocks.
Pick the beneficiaries you want to inherit the assets in your living trust, like friends, charities, or family members.
It is also important to list contingent beneficiaries.
These beneficiaries would only receive the inheritance if the original person you pick dies before you do. -
Step 2: Create the living trust.
You can have a lawyer draw up the paperwork.
You can use a legal website, a copy of a recorded living trust, or forms on a CD to make the living trust.
Sign the living trust in front of a notary public.
Record the trust with your local county office. , Transferring the titles makes your trust effective.
Prepare a new deed for all the real property going into the trust.
The new deed must include the name of the trustee separated by a comma then the label "trustee of the (your name) Revocable Living Trust" and the date.
Go to your county records office and transfer the titles.
Be prepared to pay any required fees.
Keep your living trust in a place where you can access it any time. -
Step 3: Transfer all titles of property into the trust with knowledge of the trustee.
Detailed Guide
Decide if the living trust is a shared or an individual trust.
An example of a shared trust is one that includes you, your spouse or a business partner.
Decide who runs your living trust.
You can preside over the trust or pick someone to be the trustee.
However, be careful to pick a successor trustee to manage the property once you've died.
Select the property you want to include in your living trust such as bonds, real estate, and stocks.
Pick the beneficiaries you want to inherit the assets in your living trust, like friends, charities, or family members.
It is also important to list contingent beneficiaries.
These beneficiaries would only receive the inheritance if the original person you pick dies before you do.
You can have a lawyer draw up the paperwork.
You can use a legal website, a copy of a recorded living trust, or forms on a CD to make the living trust.
Sign the living trust in front of a notary public.
Record the trust with your local county office. , Transferring the titles makes your trust effective.
Prepare a new deed for all the real property going into the trust.
The new deed must include the name of the trustee separated by a comma then the label "trustee of the (your name) Revocable Living Trust" and the date.
Go to your county records office and transfer the titles.
Be prepared to pay any required fees.
Keep your living trust in a place where you can access it any time.
About the Author
Emma Nelson
Experienced content creator specializing in DIY projects guides and tutorials.
Rate This Guide
How helpful was this guide? Click to rate: