If you want to set up a living trust for your estate plan, you will need to first make a few important decisions. Below, we explain what you need to do to create a living trust for your assets and property.
Picking a Trust
The first thing you will need to decide is if your estate will need a shared trust or an individual trust. If you are married or live with someone else, a shared trust might be right for you. Couples can also choose to create two individual trusts.
Choosing Your Assets
Once you have determined the type of trust you need, you will then have to decide which assets will be left in the trust. Large items that would otherwise need to go through probate should be included in the trust. This includes:
- Real Estate Acquisitions
- Business Shares
- Patents or Copyrights
- Valuable Collectibles
By keeping your valuable assets in a living trust, you can avoid probate fees.
After you have figured out what to put in the trust, you will need pick the people who will inherit your assets. Most people choose family, friends, and charities as their first choices. However, it is important to name contingent beneficiaries as well.
You will also need to name a “successor trustee” for your living trust. This person will be in charge of distributing the property contained in your trust to your beneficiaries after you have passed away. Before choosing a successor trustee for your trust, first speak to the person you are interested in electing for these duties to make sure they are comfortable with such responsibility. It is also important to consider choosing an adult who will be responsible for looking after assets inherited by any minor beneficiaries
Get Help From an Estate Planning Attorney Today
Do you have more questions about adding a living trust to your estate plan? Our legal team in Irving is here to provide you with the assistance you need. We will walk you through the entire process to ensure that all of your assets are fully protected and distributed to your intended beneficiaries. Let us review your case today
Call (972) 330-4050 to schedule a free 30-minute consultation with a probate lawyer in Irving.