Make Your Own Living Trust

By creating a living trust, you can prevent lengthy and expensive probate hassles upon your death. A well-constructed and complete living trust is probably the best gift a person can leave behind for their family, as it helps the surviving family save time, money, and hassles.

With this easy-to-understand book you'll find how to create a probate-avoidance or tax-saving AB trust. You'll learn how to transfer all assets to a trust, including real estate, stocks, jewelry, art or a small business. You'll learn how to name beneficiaries. You'll get tips on how to find someone to manage trust property left over to children. You'll see how to provide for trust property management. You'll learn how to retain control over the trust property while you're still alive, and amend or change your trust at any time without having to pay a lawyer.

Includes a FREE CD-ROM with the forms you need to help you or your parent set up a completely legal living trust. 345 pages, 8-1/2 x 11, $39.99

Contents

1: An Overview of Living Trusts
Probate and Why You Want to Avoid it
Avoiding Probate
Reducing Estate Taxes
Other Advantages of a Living Trust
Possible Drawbacks of a Living Trust

2: Human Emotions and Living Trusts
Leaving Unequaled Amounts of Property to Children
Second or Subsequent Marriages
Disinheriting a Child
Special Concerns of Unmarried 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 Will 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 Property While I'm Alive?
Is My Bank Account in the Trust's Name Insured FDIC?
Will Property in My Living Trust Get a "Stepped-Up" Tax Basis When I Die?
Who Must Know About My Living Trust?
Could Someone Challenge My Living Trust?
Will Congress or My State Legislature Abolish or Restrict Living Trusts?

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
A Basic Shared Living Trust
The Tax-Saving AB Trust
Nolo's AB Trust

5: The Size of Your Estate
Should You Do It Yourself?
How Nolo's AB Trust Works
Alternatives to Nolo's AB Trust

6: Choosing What Property to Put in Your Living Trust
Listing the Property That Should Be Put in Your Living Trust
Property That Should Not Be Put in Your Living Trust
Property You Can Put in Your Living Trust
Marital Property Laws
Completing The Property Worksheet

7: Trustees
The Initial Trustee
The Trustee After One Spouse's Death or Incapacity
The Successor Trustee

8: Choosing Your Beneficiaries
Kinds of Trust Beneficiaries
Naming Your Primary Beneficiaries
Simultaneous Death Clauses
Co-Beneficiaries
Some Common Concerns About Beneficiaries
Naming Alternate Beneficiaries
Residuary Beneficiaries
Disinheritance
Putting Conditions on Beneficiaries
Property You Leave in Your Trust That You No Longer Own at Your Death
Beneficiary Worksheets

9: Property Left to Minor Children or Young Adults
Which Method is Better for You: Children's Trust or Custodianship?
Children's Trusts
Custodianships

10: Preparing Your Living Trust Document
Choosing the Right Trust Form
Getting Started
Making Changes in 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

11: Transferring Property to Your Living Trust
Paperwork
Technical Ownership
An Abstract of Trust
Property that Names the Living Trust as a Beneficiary
Real Estate
Bank Accounts and Safe Deposit Boxes
Securities
Vehicles, Boats and Planes
Business Interests
Limited Partnerships
Copyrights
Patents
Royalties

12: Copying, Storing and Registering Your Trust Document
Making Copies
Storing the Trust Document
Registering the Trust

13: Living With Your Living Trust
If You Move to Another State
Adding Property to Your Living Trust
Selling and Giving Away Trust Property
When to Amend Your Trust Document
Amending a Living Trust Document
How to Amend Your Trust Document
Revoking Your Living Trust

14: After a Grantee 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

15: A Living Trust As part of Your Estate Plan
Using a Backup Will
Other Probate-Avoidance Methods
Federal Gift and Estate Taxes
State Death Taxes
Planning for Incapacity
Long-Term Trusts to Control Property

16: Wills
Why Prepare a Backup Will?
What You Can Do in a Backup Will
Pour-Over Wills
Avoiding Conflicts Between Your Will and Living Trust
Filling in the Backup Will Form
Signing and Witnessing Your Will

17: If You Need Expert Help
Hiring a Lawyer To review Your Living trust
Working With an Expert
lawyers Fees
Doing Your Own Research

Glossary

Appendix A: How to Use the Forms CD ROM
Installing the Form Files Onto Your Computer
Using the Word Processing Files to Create Documents

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