Make Your Own Living Trust

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