Your revocable living trust document protects your privacy, helps you avoid probate, and allows you to name someone you trust who can manage your affairs if for some reason you are not able to do so. As the Grantor, that is, the maker of the trust, you can breathe easy knowing your interests and wishes are carried out.
Here are the five steps you should take when creating a revocable living trust.
- Set your goals. Everyone has a unique estate plan with personalized goals, and much of these can be achieved through your revocable living trust. When you begin, perhaps brainstorm your desires and write them down, such as avoiding drawn-out court involvement or particular emphasis on finances. Be clear about what you want so you can use the right tools for your plan.
- Decide what you need to protect. A trust comes into effect when you fund it or transfer ownership of your assets or property into the trust. This includes solely held financial accounts, but not joint accounts (unless you are creating a joint trust). We can help you decide what should be transferred.
- Choose your successor trustee responsible for administration in the case of your incapacitation or death. They will also manage assets or property left to minors. Consider carefully as this a big job with some serious repercussions if not properly handled.
- Choose your beneficiaries and any stipulations you might want. Talk to your family members about your decisions, especially if you decide to exclude anyone who may expect an inheritance. At least leave behind a written explanation to help avoid conflict later on. Furthermore, you can control how the assets can be used: college expenses, down payment on a home, a vehicle, anything you specify. You can apply conditions such as reaching a certain age, keeping certain grade point averages, maintaining sobriety, and so on.
- Find an experienced trust attorney who can help you create a plan that works for you and your unique needs. Do-it-yourself trust programs and other cheap alternatives generally do not work to carry out unique and specific family goals.
If you need help creating a revocable living trust and are looking for an experienced law firm in the area, feel free to give our Crossville, Tennessee office a call at 931-250-8585 to set up a consultation.