When I meet with a client, we can explore whether a living trust may be beneficial. For individuals who have a modest estate, or do not want to protect their children’s inheritance, or simply wants the normal probate process, a trust may not be necessary, and we can set-up a Last Will to distribute assets upon death. For all others, a trust may be the optimal solution to avoid make things easier for those they love.
The process of creating a living trust generally involves:
1. Meet to determine the overall objectives of the trust, including how assets are to be handled both before and after the death of the trust grantor, as well as discussing and ultimately determining who your successor trustee(s) will be;
2. We will then drafting the trust in line with the grantor’s objectives legally, and do so to be efficient and effective now, as well as when the grantor dies;
3. Once the document is reviewed, the final trust is signed and in full force and effect; and
4. The final step is placing assets into the name of the trust. This includes re-titling bank accounts, vehicle titles, home ownership, and other financial assets.