Protect Your Assets: 5 Must-Know Tips on How to Set Up a Living Trust

August 13 2019 - You want to take care of your kids after you're gone but you're not sure how to set up a living trust. As a matter of fact, you're not sure exactly what a living trust is or how it will benefit your children.

You've heard it is the best thing you can do for them but creating a living trust seems like a lot of work. Continue reading this article to learn more about living trust and tips you need to know.

What Is a Living Trust?

A living trust is a legal setup that is in place to make sure your assets make it from you to your children in the event of your death. A trustee takes care of the assets in the living trust and manages it according to the terms of the trust.

411 on How to Set Up a Living Trust

Working with a trust lawyer is the easiest way to make sure things are taken care of properly. While you may want to work with a trust lawyer, it is important that you know something about trust yourself as well.

1. Make an Asset List

Your asset list should be all-inclusive. Don't only think about your house, land, cars and other physical things. You should also think about life insurance, websites, and investments.

2. Locate All Necessary Paperwork

You need to have all of your necessary paperwork that goes along with your assets. Locate all titles, deeds, paperwork for life insurance policies, stock certificates and any other paperwork that is associated with your assets.

3. Determine Your Beneficiaries

Now that you have a list of all of your assets and have your paperwork in order, you need to know who is going to benefit from this trust. Not only can you make family and friends beneficiaries but you can also make organizations beneficiaries.

People that have a favorite charity often include the charity in their list of beneficiaries.

4. Set Up Your Successor

While you are living, you are the trustee of the trust. After your death, you need to have someone set up to take care of the trust. It isn't recommended that you give this responsibility to someone that is included in the trust.

Find a reputable company that can take care of things to take the stress off of anyone who is mourning your passing.

5. Choose Guardian for Any Minor Children

A living trust doesn't determine who your children's legal guardian is but you should have this determination in place. If anything should happen to you, you want to make sure your children are in good hands.

Need More Help With Legal Matters?

Now that you know how to set up a living trust, you may be thinking of other legal matters you need to take care of. We can help you deal with other legal issues that will make your life much easier.

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