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Requirements for setting up a living trust vary with each state.
In general, you execute a document saying that you're creating a trust to hold
property for the benefit of yourself and your family, or whomever you want it to
benefit. Some trust declarations list the major assets (home, investments) that
you're putting in trust; others refer to another document (a schedule )
in which you list the exact property that will begin the trust; or you may
simply transfer the property to the trustee under the trust agreement. In any
case, you can add and subtract property whenever you want. You will have to
change the ownership registration on whatever property you put into the
trust--deeds, brokerage accounts, bank accounts, etc.--from your own name to the
name of the trust (e.g. The John A. Smith Trust). If you make yourself the
trustee, you will have to remember to sign yourself in transactions as "John A.
Smith, Trustee," instead of using only your name.
When you put property into a
You can make anyone you want the trustee. You can also name an
alternative trustee (sometimes known as successor trustee) to take
over in the event of the original trustee's death or incapacity.
In a revocable living trust, you keep the right to manage your property
whether you're the trustee or not, since you have a right to change the terms of
the trust, the trustee, and the property in the trust at any time. When you die,
your alternative trustee distributes the property according to the terms of the
trust. Usually, your alternative trustee is your surviving spouse or an adult
child, but you can name a bank or trust company if you are willing to pay their
fees. |
Saturday, 11 July 2009
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