Living Trusts

Living Trust FAQ

An introduction to living trusts -- a popular way to avoid probate.

What is Probate?

You've heard that you should avoid probate -- but why? Here are the basics.

How Living Trusts Avoid Probate

It's about as easy to prepare a living trust as it is to write a will. But property left through a will generally goes through probate, causing survivors delay and expense. (Probate involves appraising the property, paying debts, and distributing what's left.) When you make a living trust -- a device in which you hold property as a "trustee" -- your surviving family members can transfer your property quickly and easily, without probate.

Why You May Not Need a Living Trust

Some people need a living trust immediately, others will never need one, and most of us fall somewhere in the middle. Factors to consider are how old you are, how wealthy you are, and whether you are married.

Revocable Living Trusts

Revocable living trusts are a popular estate planning tool that you can use to determine who will get your property when you die.

Other Advantages of a Living Trust

The main reason for setting up a revocable living trust is to save your family time and money by avoiding probate after your death. But there are other benefits as well.

Is a Living Trust Public?

One of the advantages of using a living trust, instead of a will, to leave the bulk of your property is that it gives your family more privacy.

Do Living Trusts Protect Assets from Creditors?

Living trusts are useful for estate planning, but you'll need to take other steps to shield assets.

Can I Get a Reverse Mortgage If My House Is in a Living Trust?

A reverse mortgage offers additional income or cash to cover unanticipated expenses. Can you use one if your home is in your living trust? Can you add it to your trust is part of your estate plan?

Making a Living Trust: Can You Do It Yourself?

Many people don't need a lawyer to create a living trust.

Make a Living Trust: A Quick Checklist

Living trusts aren't as complicated as they sound. Here are the few steps you need to make one.

What Property to Put in a Living Trust

For the greatest benefit, hold your most valuable property items in your living trust.

Choosing a Successor Trustee

When you create a simple living trust to avoid probate, you must decide who to name as your “successor trustee.” It’s an important decision; this is the person who will take charge of the trust assets after your death, or sooner if you someday become incapacitated and unable to manage things yourself.

Funding Your Living Trust

Funding Your Living Trust Once you’ve made a living trust, there’s one mo

Sample Individual Living Trust

Here is an example of a Nolo living trust, made for a fictional person.

Sample Shared Living Trust

This sample living trust uses fictional names and situations.

Amending or Revoking a Living Trust Document

You can change the terms of your living trust, or revoke it, at any time.