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During our long lives we learn about how important it is to save money. It helps to have a savings or cushion to fall back on when rough times it us. A living trust is used to keep any real estate or assets that you have safe and to pass them along to the people you leave behind when you die.

When you put together a living trust you are providing a way to manage everything that you own and removing any complications that might arise when those assets are transferred when you die. Learn the necessary steps to follow to set up a living trust properly.

Inventory

The first thing you will want to do before you call your attorney is to make a list of the assets that you have. Write down any valuable jewelry, real estate, or other valuable items that you think should be on the list. You can purchase special programs that will help to make this easier or put it all in an Excel document.

Forms

Go online or to a bookstore to gather the forms for Durable Power of Attorney for Healthcare, Durable Power of Attorney for Assets, Nomination of Conservator, and Competency Clause. Fill all of these out and make sure to have them included in the living trust. Most cities will give you free legal advice and help if you are not sure how to fill them out.

Transfer Assets

Sit down with your attorney and transfer the assets into the trust. It is best to include everything on your inventory list so that you will avoid any taxes and other fees. When you have completed this you can register the living trust and contact the state so that the deed can be recorded or notarized so that it is deemed valid.

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