The Essential Guide to Setting up a Revocable Living Trust

A revocable living trust is a legal document that allows you to stay in control of all your assets while simultaneously avoiding probate. What makes it accessible is the fact that you can alter or cancel it as your circumstances or wishes change. Here are the step-by-step instructions to set up such a document.

Step 1: Contemplate Research and Time Commitment

Setting it up demands a lot of meticulous thought and research. Are you prepared to devote time to understand legislation regarding trusts, property rights, and inheritance issues?

Step 2: Decide the Trust Assets

Before you can create a trust, you will need to determine which assets you want to put into the trust. These can include your real estate, bank accounts, stocks and bonds, or other valuable possessions.

Step 3: Select Your Trustee

A trustee is the individual or organization responsible for managing the trust after your demise or in case of incapacitation. You can choose yourself, a close family member, trusted friend, or a professional organization.

Step 4: Identify Your Beneficiaries

Who do you want to benefit from your trust? Usually, the beneficiaries are your immediate family members or close friends, but they can also include charities, institutions, or anyone you want to inherit your assets.

Step 5: Hire a Lawyer (May be optional)

While it is possible to set up a simple trust without professional help, it is advisable to consult a knowledgeable attorney to draw up the paperwork and free legal documents for you – to ensure that it is legally sound and meets your objectives.

Step 6: Sign in the Presence of a Notary

Once your trust document is ready, you will need to sign it in front of a notary public. Some states may also require witnessing.

Step 7: Fund the Trust

Finally, you will need to move your assets into the trust. This may involve changing the deeds or titles of properties from your name into the name of the trust.

Always remember, starting a revocable living trust in Pennsylvania is a significant decision that can greatly impact your estate. Do you feel like starting a revocable trust is a favorable option for securing your assets now? With the steps aforementioned, the journey to set up your revocable trust should be more straightforward now!