Make Your Own Living Trust

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Title Copyright Dedication Acknowledgments About the Author Table of Contents Your Legal Companion for Making Your Own Living Trust 1 Overview of Living Trusts Living Trusts Explained Probate and Why You Want to Avoid It Other Ways to Avoid Probate Living Trusts and Estate Taxes Other Advantages of a Living Trust Possible Drawbacks of a Living Trust 2 Human Realities and Living Trusts Leaving Unequal Amounts of Property to Children Second or Subsequent Marriages Single People Disinheriting a Child Unmarried Couples Same-Sex Couples Communicating Your Decisions to Family and Friends 3 Common Questions About Living Trusts Does Everyone Need a Living Trust? If I Prepare a Living Trust, Do I Need a Will? How Can I Leave Trust Property to Children and Young Adults? Will My Living Trust Reduce Estate Taxes? Will I Have to Pay Gift Taxes? Will a Living Trust Shield My Property From Creditors? Do I Need a “Catastrophic Illness Clause” in My Trust? How Does Where I Live Affect My Living Trust? Can I Place Real Estate in a Living Trust? Can I Sell or Give Away Trust Property While I’m Alive? Is a Bank Account Held in Trust Insured by the FDIC? Will Property in My Living Trust Get a “Stepped-Up” Tax Basis When I Die? Who Must Know About My Living Trust? What About Free Living Trust Seminars? Could Someone Challenge My Living Trust? 4 What Type of Trust Do You Need? If You Are Single If You Are Part of a Couple Individual Trusts for Members of a Couple Shared Living Trusts AB Trusts 5 Choosing What Property to Put in Your Living Trust Listing the Property to Be Put in Your Trust Property You Should Not Put in Your Living Trust Property You Can Put in Your Living Trust Marital Property Laws Completing the Property Worksheet 6 Trustees The Initial Trustee The Trustee After One Spouse’s Death or Incapacity The Successor Trustee 7 Choosing Your Beneficiaries Kinds of Trust Beneficiaries Naming Your Primary Beneficiaries Simultaneous Death Clauses Shared Gifts Some Common Concerns About Beneficiaries Naming Alternate Beneficiaries Residuary Beneficiaries Disinheritance Putting Conditions on Beneficiaries Property That Is No Longer in Your Trust at Your Death Beneficiary Worksheets 8 Property Left to Minor Children or Young Adults Property Management Options Which Method Is Better for You: Child’s Trust or Custodianship? Tax-Saving Educational Investment Plans Child’s Trusts Custodianships 9 Preparing Your Living Trust Document Choosing the Right Trust Form Making Changes to a Trust Form Step-by-Step Instructions Prepare Your Final Trust Document Consider Having Your Work Checked by a Lawyer Sign Your Living Trust in Front of a Notary 10 Transferring Property to Your Trust Paperwork Technical Ownership Certifications of Trust Real Estate Bank Accounts and Safe Deposit Boxes Securities Vehicles, Boats, and Planes Business Interests Limited Partnerships Copyrights Patents Royalties 11 Copying, Storing, and Registering Your Trust Document Making Copies Storing the Trust Document Registering the Trust 12 Living With Your Living Trust Adding Property to Your Living Trust Selling or Giving Away Trust Property When to Amend Your Living Trust Document Who Can Amend a Living Trust Document Making Changes to Your Trust Revoking Your Living Trust 13 After a Grantor Dies Who Serves as Trustee After the Grantor’s Death The Trustee’s Duties Transferring Property to Beneficiaries Preparing and Filing Tax Returns Administering a Child’s Trust Administering a Custodianship 14 A Living Trust as Part of Your Estate Plan Using a Backup Will Other Probate-Avoidance Methods Federal Gift and Estate Taxes State Inheritance and Estate Taxes Planning for Incapacity Long-Term Trusts to Control Property 15 Wills Why Prepare a Backup Will? What You Can Do in a Backup Will Pour-Over Wills Avoiding Conflicts Between Your Will and Your Living Trust Filling in the Will Form Signing and Witnessing Your Will 16 If You Need Expert Help Hiring a Lawyer to Review Your Living Trust Working With an Expert Lawyer Fees Doing Your Own Legal Research Glossary Appendixes A How to Use the Downloadable Forms on the Nolo Website Editing RTFs List of Forms Available on the Nolo Website B Forms Form 1: Living Trust for One Person Form 2: Shared Living Trust Form 3: Witness Statement for a Florida Living Trust Form 4: Assignment of Property to a Trust for One Person Form 5: Assignment of Shared Property to a Trust for a Couple Form 6: Amendment to Living Trust for One Person Form 7: Amendment to Shared Living Trust Form 8: Revocation of Living Trust Form 9: Basic Will for One Person Form 10: Basic Will for a Member of a Couple Property Worksheet Beneficiary Worksheet 1: Individual Living Trust Beneficiary Worksheet 2: Shared Living Trust Index