Most people are aware of what a will is and know that it becomes effective after an individual dies. However, while an individual is still living, they can set up a Living Trust by completing a Living Trust Form in order to oversee the distribution of their valuables. The document also outlines what will happen to these valuables in the event that the original owner passes away. Such valuables can include estate, any savings, cars or personal collections.
These valuables that belong to the original owner are transferred along with the rights of ownership into a trust. From this point onwards, the individual is no longer the owner of these valuables. Within the document, the individual also needs to select and note down a trusted person that they trust to oversee the implementation of the document - usually a close friend or family member.
The individual can also leave these valuables to specific individuals after they pass away. If any conditions need to be met for example, a granddaughter would first need to graduate before receiving a specific valuable; this information should also be included within the document.
A Living Trust Form template can be downloaded by clicking the link below.
A Revocable Living Trust Form is the most common document to fill in as it reserves the right to cancel the trust if the original owner decides to do so. On the other hand, with an Irrevocable Living Trust Form, no changes can be made. In rare circumstances, this can be achieved in court.
If you are considering setting up a Living Trust, you should be aware of the Living Trust cost. Admittedly, this can be quite expensive with costs usually starting from the range of two thousand dollars ($2000). Depending on whether or not you want to set the trust up as an individual or as a couple, the prices could differ.
If you want to set up as an individual, the costs could be slightly lower - starting at approximately $1500, going up to $4500. For couples, this price could start at $2000 and go up to $9000. Therefore, before making a decision you need to carefully consider whether or not you actually need to set up this trust. To make an informed decision, you need to be aware of the benefits of a Living Trust. These include:
Although these documents are relatively similar, there are some significant differences between them. The notable differences include:
Before creating a Living Trust, you ought to make sure that you prepare all of the relevant Living Trust documents and closely consider the following details:
Still haven't found the template you're looking for? Take a look at the related templates below: