Living Trust Add Demanded Field For Free

A living trust is designed to allow for the easy transfer of the trust creator or settlor's assets while bypassing the often complex and expensive legal process of probate. Living trust agreements designate a trustee who holds legal possession of assets and property that flow into the trust.

Some of your financial assets need to be owned by your trust and others need to name your trust as the beneficiary. With your day-to-day checking and savings accounts, I always recommend that you own those accounts in the name of your trust.

To transfer real estate (also called real property) into your living trust, you must prepare and sign a new deed, transferring ownership. You can usually fill out a new deed yourself.

Assets that should not be used to fund your living trust include:Qualified retirement accounts 401ks, IRAs, 403(b)s, qualified annuities.Health saving accounts (HSAs)Medical saving accounts (MSAs)Uniform Transfers to Minors (UTMAs)Uniform Gifts to Minors (UGMAs)Life insurance.Motor vehicles.

You will need to retain an estate attorney to draft and execute your trust document. For a simple revocable or irrevocable trust, it may cost anywhere from $2,000 $5,000.

Determine what type of deed you want to use. There are various types of property deeds you could use to transfer your home into your trust. Prepare and sign the deed. Record the deed with the county. Make sure the trustee knows that the property is inside the trust.

Some assets are more appropriate for funding into a trust than others.Cash Accounts. Rafe Swan / Getty Images.Non-Retirement Investment and Brokerage Accounts.Non-qualified Annuities.Stocks and Bonds Held in Certificate Form.Tangible Personal Property.Business Interests.Life Insurance.Monies Owed to You.More items...