A living trust is a legal document that outlines how an individual’s assets will be managed and distributed both during and after their life. Upon creation of a trust, all of that individual’s assets should be transferred into it. Additionally, the trustee should appoint a successor trustee. This individual will take over management of the trust should the trustee become incapacitated or disabled. However, not everyone needs a living trust. Read on to learn how to create a living trust, and whether your legal situation warrants one.
When Should I Create a Living Trust?
Young people with minimal assets are usually not in a position to create a living trust. Living trusts can be expensive and often require years of management. In fact, in some cases, writing a will and going through probate may actually be a cheaper option! For example, if you have a small estate and qualify for a special probate, you may be better off with a will instead of a living trust.
On the other hand, living trusts are a good option for individuals who foresee and want to plan for potential incapacitation or disability in the relatively near future. Additionally, living trusts are good for people who want complete control of how their property is distributed after their death.
How to Create a Living Trust With A People’s Choice
Creating a living trust with A People’s Choice is a cheaper and easier option than hiring an attorney. Believe it or not, registered legal document assistants such as A People’s Choice use the same legal document preparation software as attorneys. Plus, we prepare your legal forms for a fraction of the cost!
We like to keep things simple for our clients. Therefore, it’s easy to create a living trust with A People’s Choice with these three easy steps:
Step 1: Online Interview
With our Quick Start Estate Planning Interview, clients can provide us with all the necessary information to prepare and file their living trust before paying a cent! Then, once we receive and process this information, we will give you a call to confirm whether you want your living trust finalized.
The information required to create your living trust will vary based on the package you’re purchasing. That said, some of the most important information we will need to make your trust include:
- The assets you intend to put into your trust;
- Your successor trustee;
- A guardian for any minor children; and
- Designated beneficiaries
Have this information on hand before starting your Quick Start Estate Planning Interview.
Step 2: One-On-One Consultation
The next step in creating your trust is an easy one-on-one interview between you and one of our experienced estate document preparers. During this 30- to 45-minute phone call, we will review your interview responses and ensure the language in your living trust reflects your wishes. Plus, this consultation allows you to ask any questions you may have.
Step 3: Receive and Sign
After we’ve completed your living trust according to your instructions, we will send it to you with a secure document sharing process or via U.S. mail. Then, you must simply sign your documents and keep them in a safe place!
Additionally, after you’ve received your final living trust, don’t forget to fund your trust by changing the formal title and ownership of your assets to the name of your trust.
Why Work With A People’s Choice?
If you need help with estate planning documents of any kind, contact A People’s Choice. We provide quality and affordable non-attorney assistance. Plus, all of our services come with a flat fee, so there are no surprises.
A People’s Choice has been providing self-help legal document services for over 35 years and has established an excellent reputation in the community. When you are ready to go ahead with your paperwork, you can provide us with your information through our convenient online system, over the phone, or in person.
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