The previous posters are correct in recommending software. However, I would suggest you give serious thought to this before you proceed. If you can t afford a CPA or attorney, you have other issues to consider. 1) do I have sufficient assets that I need to be pursuing this now? 2) Can I afford the fees associated with following thru with this.(filing fees, transfer fees) If you have real estate you will have costs associated with transferring it to the Living Trust. Check with your state CPA association or Attorney group and see if any free services are available. Another good source of information would be a local university. Most have knowledgeable professors on staff who could consult with you for free or at discounted rates. Hope this helps.
As previously stated by Kathryn, get and follow the instructions in inexpensively available software. The most important thing to remember is that after all of the papers and forms have been written and filled out, signed and notarized, they must be filed with the appropriate County Court Clerk. This quot;makes them legalquot;.
As opposed to having to pay for an expensive lawyer that you may be unsure about, other ways to createa Living Trust exist. Lawyers can charge upward of $1,000 to draw up a trust. However, there are books, programs, and websites that can help you out. Among them: -Quicken WillMaker amp; Estate Planning Plus 2007 {software} -Plan Your Estate by Denis Clifford and Cora Jordan (Nolo Press; $44.99) {informative book} -Make Your Own Living Trust by Denis Clifford (Nolo Press; $39.99). {informative book} -Legal Zoom {website with step-by-step process} http://www.legalzoom.com/ Also, here s an overview of creating a Living Trust: A living trust, also known as a Revocable Living Trust or a Family Trust, is a viable financial planning tool for anyone--not just the rich and famous. A living trust is a legal document that holds title or ownership of property and assets on behalf of its beneficiaries. You appoint someone (a successor trustee) to make certain your estate goes to the ones you choose after your death. Almost anything can be placed in a trust: savings accounts, stocks, bonds, real estate, life insurance, and personal property. You can change a revocable living trust; you can t touch an irrevocable one. Benefits are numerous. A trust avoids the hassle of probate, prevents the courts from controlling your assets if you re incapacitated, and lets you control what you leave to your children and grandchildren. Even if you are a single parent with shared or sole custody, a trust can ensure that benefits earmarked for your child will go directly to him or her. This is especially the case in situations where there are multiple children from other relationships living in the same household or with remarried spouses, who have children from a previous marriage. Many people are under the impression that their will alone is sufficient to avoid probate. Unfortunately, a will is simply an expression of your wishes and must go through some kind of court process. Before your estate can go to your children, probate court has to determine and settle your debts, establish clear title to everything you own, and then distribute the estate according to your will or to the intestate succession statutes in your state. Another misunderstanding, many experts say, is that holding assets in joint tenancy will bypass probate. Joint tenancy is the method of putting your child s name on property or accounts. Then there s the privacy factor. Unlike a will, a trust is not filed with the court and does not become public record at your death. Establishing a trust forces you to clean house and to identify what you have and where it goes upon your death.The first thing a lawyer will want to see is an inventory of all your assets. Armed with these tools, you can create a valid Declaration of Trust yourself. Good Luck. For other, and perhaps similar, questions, allbusiness.com is a good source for such information. For example, allbusiness has a host of finance and accounting experts who write blogs on questions you may have: http://www.allbusiness.com/2984961-1.htm... Also, you may like to watch this video - it helps explains the importance of a good Succession Plan: http://www.allbusiness.com/buying-exitin...
I used Suze Orman s Will and Trust Kit software -- currently at Amazon for $13.57 (see link below). It walks you through all the steps and is really quite easy. Once you ve finished all your documents, you will then have to sign them, get them witnessed in some cases, and get them notarized. You will then need to transfer your assets (including your house) into the trust. The software includes instructions for how to do this, including drafts of letters to send to your bank, brokerage house, etc.
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