I’m looking into setting up a revocable living trust for my home. I’ve heard it helps avoid probate and keeps things private, but I’m not sure where to start. Anyone here done this before and can share the steps or tips?
Yeah, I set one up last year. First, you’ll need to figure out what assets you want to include in the trust. Are you only adding your home or other stuff too?
Fin said:
Yeah, I set one up last year. First, you’ll need to figure out what assets you want to include in the trust. Are you only adding your home or other stuff too?
Mainly my home for now. What’s the process for adding it to the trust?
Fin said:
Yeah, I set one up last year. First, you’ll need to figure out what assets you want to include in the trust. Are you only adding your home or other stuff too?
You’ll need to prepare a new deed, like a quitclaim or warranty deed, to transfer ownership to the trust. An attorney can help with that.
Fin said:
Yeah, I set one up last year. First, you’ll need to figure out what assets you want to include in the trust. Are you only adding your home or other stuff too?
Got it, thanks. So, the deed transfer makes the trust the new owner of the home, right?
Make sure you pick a good trustee and successor trustee. The successor steps in if you can’t manage the trust anymore.
Larkin said:
Make sure you pick a good trustee and successor trustee. The successor steps in if you can’t manage the trust anymore.
Can I be the trustee for now and just name a successor for later?
Larkin said:
Make sure you pick a good trustee and successor trustee. The successor steps in if you can’t manage the trust anymore.
Yep, you can definitely be the trustee while you’re alive. The successor only takes over if needed.
Honestly, I’d recommend getting an estate planning attorney to draft the trust. DIY kits are okay, but it’s easy to mess up.
Sam said:
Honestly, I’d recommend getting an estate planning attorney to draft the trust. DIY kits are okay, but it’s easy to mess up.
Yeah, I was thinking about that too. Are attorneys pricey for this kind of thing?
Sam said:
Honestly, I’d recommend getting an estate planning attorney to draft the trust. DIY kits are okay, but it’s easy to mess up.
It depends, but it’s worth it for peace of mind. You don’t want mistakes in something this important.
Don’t forget to list all your assets and decide what goes into the trust. It’s not just about your home—it can include investments, bank accounts, etc.
Jamie said:
Don’t forget to list all your assets and decide what goes into the trust. It’s not just about your home—it can include investments, bank accounts, etc.
Good point. Do I have to add everything at once, or can I update it later?
Jamie said:
Don’t forget to list all your assets and decide what goes into the trust. It’s not just about your home—it can include investments, bank accounts, etc.
You can add stuff later! The trust is revocable, so you can modify it anytime you want.
FYI, a trust also helps if you become incapacitated. The successor trustee can manage everything for you.
Wynn said:
FYI, a trust also helps if you become incapacitated. The successor trustee can manage everything for you.
Oh, I didn’t know that. So it’s not just for after I pass away?
Wynn said:
FYI, a trust also helps if you become incapacitated. The successor trustee can manage everything for you.
Exactly. It’s a good way to plan for the unexpected too.