Step By Step Guide On Your Living Trust
Brad Smith • April 21, 2020
Life is unpredictable, you will never know when it will end or when new life might enter the world. For all these reasons, a living trust is important. Once you create the perfect living trust you can cease to worry about the fate of your family during your life and even after your death. This trust if made correctly can be one that does not plunge your family into taxes and debts but cares for your family even after you are gone.
The Steps To Creating A Living Trust Document
The Living Trust document is one of the most important documents in the world for every individual and should be prepared with great care and caution.
Step 1: List Down All Your Assets
Take stock of everything you own and is to your name. Every tangible item that has monetary value should be properly listed and evaluated. These items or assets might include your house, cars, jewelry, gold, financial statement, and insurance policies. Once you have this list ready, it will help you get a clearer picture of how you want each asset divided amongst your family after your death.
Step 2: Keep The Paperwork Handy For Your Assets
After you are done listing down your assets and their corresponding monetary value, make sure that you have the proper legal paperwork for each and every one of them as well. The titles, deeds, stock certificates, life insurance policies, etc., for each asset, should be filed along with this list and handed to your Living Trust Attorney.
Step 3: Choose Your Beneficiaries
An important aspect of creating a Living Trust Document is to pick and choose the people in your life who will be receiving your assets after your death. It is important to list your plan, about who gets what in this document, so that no mistakes are made. Your beneficiaries may include your family, friends, organizations, charities, etc. Be sure to discuss this with your attorney, so that he may fix any trouble spots that might arise so that there aren’t any legal fights between your chosen beneficiaries after your death. It is important to keep your Living Trust Document airtight so that no one might contest it.
Step 4: Choose A Trustee
During your life, you will be the trustee of your Living Trust. You will have total control of it and hence total control of your assets. Once you are gone, it is important to name a succeeding trustee, an individual that you trust will carry out all of your instructions without fault or interference. The succeeding trustee will also be the one who handles any or all of your affairs after death.
Step 5: Choose A Guardian
If you have children who are below the legal age, it is important to designate a guardian, in case of your untimely death for them in your Living Trust. You might also include this information in your last will and testament.
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