How to Make a Will & Living Trust Without a Lawyer in 2021 Living trust, Trust, Setting up a trust from www.pinterest.com Top-Performing Keywords for "How to Make a Living Trust Without a Lawyer": 1. Living Trust 2. Estate Planning 3. Trustee 4. Asset Protection 5. Probate 6. Revocable Trust 7. Irrevocable Trust 8. Trust Agreement 9. Testamentary Trust 10. Trust Administration How to Make a Living Trust Without a Lawyer A living trust is a legal document that helps protect your assets while you are alive and ensures that they are distributed according to your wishes after you pass away. While many people hire lawyers to create their living trusts, it is possible to make one without a lawyer. In this article, we'll explore how to create a living trust without a lawyer. Step 1: Choose a Trustee The first step in creating a living trust is to choose a trustee. The trustee is the person or entity that will manage your assets and distribute them according to your wishes. You can choose yourself, your spouse, a family member, or even a trusted friend. If you choose someone who is not a professional trustee, it is important to ensure that they are capable of managing your assets. Step 2: Decide on the Type of Trust There are two main types of living trusts: revocable and irrevocable. A revocable trust can be changed or revoked at any time, while an irrevocable trust cannot be changed or revoked once it is created. Most people choose a revocable trust because it offers more flexibility. Step 3: Create the Trust Agreement The next step is to create the trust agreement. This is the legal document that outlines the terms of the trust, including the assets that will be included, the beneficiaries, and the trustee. You can find templates for trust agreements online, but it is important to ensure that the document meets the legal requirements in your state. Step 4: Fund the Trust Once you have created the trust agreement, you need to fund the trust. This means transferring your assets into the trust. This can include real estate, bank accounts, investments, and personal property. It is important to ensure that all assets are properly titled in the name of the trust. Step 5: Review and Update the Trust It is important to review and update your living trust on a regular basis. This can include updating the beneficiaries, adding or removing assets, and updating the trustee. You should also review your trust after any major life changes, such as a marriage, divorce, or the birth of a child. In conclusion, creating a living trust without a lawyer is possible, but it requires careful planning and attention to detail. By following these steps, you can ensure that your assets are protected and that your wishes are carried out after you pass away.
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