Living Trust Kit

Due to increased media attention, most of us are now aware of the substantial costs and delays usually associated with the probate of an estate. Fortunately, many of these problems can be avoided by simply creating a living trust.

A living trust is a trust used for the purpose of avoiding probate. They are fairly easy to set up and simply involve completing and signing a living trust agreement in which you name yourself as both the grantor (the creator of the trust) and the trustee (the manager of the assets transferred into the trust) of the trust. Once the trust is set up, you (as grantor) then transfer some or all your assets to the trust. As trustee, you then take over management of the trust assets. By acting as both grantor and trustee of the trust, you maintain control over the trust assets.

As grantor, you can revoke the living trust at any time and have the assets in the trust immediately transferred back to you in your personal capacity and free from the trust.

You can also name a successor trustee in your trust agreement who will have the power to manage the trust assets in accordance with the terms of the trust agreement if you become incapacitated and unable to do so yourself.

When you die, the assets in the trust are distributed by your named successor trustee (like an executor) to the beneficiaries named in the trust agreement – in much the same was as under a will. However, the important part to remember is that since the assets are held in the trust’s name rather than in your personal name, they will not form part of your probate estate. As such, they will not need to go through probate and can be distributed to the beneficiaries named in your trust quite quickly after your death.

This self-help legal kit provides you with step-by-step instructions, detailed information and all the legal forms necessary to help you create your own revocable living trust and avoid probate.

• Avoid probate.
• Provide for the management of your trust property during incapacity.
• Make gifts to your loved ones and charities.
• Make property management arrangements for young beneficiaries.
• Much More!

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