The process determines:
To create a trust you will:
Most online trust providers only take you part of the way by selling you a trust template. Lawyers will take you the entire way but in most cases still don’t want the burden of securely custodying your physical documents. Dynasty cloud will not only help you create your documents, but we also enable you to remotely sign and notarize them as well. Then we physically and securely store your living trust for you.
Safe storage is an essential part of the process because a trust is only valid if it can be furnished when necessary. If trust documents are lost or damaged, then all the steps you took to properly prepare your estate plan are moot. Dynasty takes the burden of storage away from you and ensures that the right people will be given access to your trust if events call for it.
Dynasty’s living trusts sit at the intersection between online stationery stores (how we characterize every online provider that exists today) and a full blown law firm experience. Our offering goes far beyond the trust creation workflow of online stationery stores that sell you a template and require you to notarize and store your plans separately. However, unlike a law firm, we are not providing any legal advice.
Dynasty Cloud enables you to remotely create, sign, notarize, and store your trust documents. Additionally, we allow you to come back, visualize your plan, and make changes as life events occur. This entire process is necessary for creating a defensible and up to date living trust.
The final step of the process in making your trust defensible is transferring assets into your trust. For more on that process, please see our article on transferring assets.
For most, the answer is probably not. Today you can go into any online/offline stationary store and purchase a living trust template. Then you just need to fill it out, sign, notarize and store it securely. As events happen in your life (asset purchase, child’s birth, marriage, etc) you would open the template and fill out all the details again, including any updates. Then again you would need to sign, notarize and store it securely.
The trust process is trivial for most people as it primarily requires assigning beneficiaries and transferring title of your assets from your individual name to your living trust. For anyone that is seeking legal advice or has an overly complicated estate, an attorney is highly recommended.
Remote notary legislation currently exists in many states and includes many changes enacted during the covid-19 pandemic due to social distancing requirements. This allows Dynasty to take advantage of state specific notary laws to ensure that your living trust can be legally and fully remotely notarized in all 50 states. The process involves online video conferencing and multiple methods of identification. At Dynasty we believe that remote notary is the future and are making it a core offering of our business.
A Living Trust is a financial tool that lets you plan, organize, and protect your life. It’s a personal entity that allows you to add assets and plan out your inheritance. Eliminating legal battles, cost, and time spent by your loved ones.
Think of it like a personal LLC that you put everything you own in. Except it doesn’t protect you from liability like an LLC does, it protects you from probate and conservatorship.
Probate is the complicated court process (12-18 months) where a judge decides what happens to your assets after you die, become incapacitated, or are “deemed” incapable. Creating a living trust allows your assets to completely circumvent probate and immediately transfer to your loved ones.
In addition to being able to name heirs (your beneficiaries), a Trust also allows you to assign someone to manage it (your successor trustee). Instead of going through probate, your Successor Trustee takes control of the Trust, handles your affairs, and distributes your assets according to your instructions. The person you select as Successor Trustee should be your most trusted person. Like a best friend or closest family member.
At Dynasty, we believe everyone should have a Living Trust. If you have children, assets, or plan to acquire assets in the future, you should create a Trust. That way when you buy your next home, open a bank or brokerage account, get startup shares, etc. – you can immediately title them in your trust.