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Decide which kind of trust you want. For maximum flexibility, a revocable trust is best because you can adjust it as many times as you like while you're alive. In general, irrevocable trusts are best for those who have extensive assets, since these trusts offer greater tax benefits and asset protection.

With a revocable trust (or grantor trust), the grantor owns the trust property.

How to Transfer Title to a Revocable TrustLocate the original deed granting title to the grantor.Legally amend the deed from the grantor's name to the name of the trust in front of a notary public.Record the change with the local Recorder of Deeds or its equivalent.

A living trust does not protect your assets from a lawsuit. Living trusts are revocable, meaning you remain in control of the assets and you are the legal owner until your death.

While you're alive, everything in the trust is considered your personal property.Its primary purpose is to avoid probate court, since revocable living trusts do not reduce estate taxes. With a revocable trust, your assets will not be protected from creditors looking to sue.

With an irrevocable trust, state law may protect trust assets from judgment liens against a grantor. Generally, if a judgment is against a beneficiary, a lien may not be placed against the assets of a living trust, because a beneficiary does not have an ownership interest in trust assets.

For formal revocable trusts, the accounts can be titled in the name of the trust or by simply having the word trust in the title. For purposes of meeting this requirement, the term title includes the electronic deposit account records of the IDI.