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How to Set Up a Living Trust in Florida Choose between a single trust or a joint trust for married couples. Pick a successor trustee to take over upon your death. Determine who will benefit from the trust after you've died. Draft the trust document. Formally execute the trust document with two witnesses and a notary.

To make a living trust in Alabama, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries—that is, who will get the trust property. Create the trust document.

A trust gives beneficiaries quick access to the money they need if the person who established the trust passes away. It allows them to continue to pay their bills and to cover other necessary costs without having to wait for the probate process to end.

You can even revoke the entire Trust. However, upon your death, the Trust becomes “irrevocable” and the successor Trustee must abide by its terms. The average cost for this document is about $3,500.00 plus a new deed and other documents necessary to transfer assets into the Trust.

In the State of Georgia, creating a living trust means drafting the trust document with your estate planning attorney and signing it in front of a notary public. Once signed and notarized, you must “fund the trust” by transferring assets to the name of the trust.

To create a living trust in New Jersey, the trust document is signed by the trust-maker in front of a notary public, and then ownership of assets must be transferred into the name of the trust to make it effective. A living trust provides confidence that your assets will be managed and distributed exactly as you wish.

Revocable and Irrevocable Trusts: How They Differ Trusts are characterized as either revocable (meaning capable of being changed, added to or terminated by the creator at any time after the trust is created but before death) or irrevocable (a trust which cannot be revoked by the grantor during his or her lifetime).

A Will must be probated in NJ after your death to be effective. If you want to avoid probate, a Will may not be the way to go. A fully-funded Trust can eliminate the need to probate your estate because a Trust continues on when you die.