There are only a few steps required to creating a legal and defensible Living Trust.
With Dynasty, we can guide you through creating one with our simple workflow.
Choose a Trustmaker: This is the lawyer or software provider who will create and manage your trust. Choose your trustees: This is the person or people who will manage the assets in the Trust. Choose beneficiaries: These are the people who will receive the benefits of the Trust after the Trust creators die or become incapacitated. Choose the assets: to be placed in the trust: These can include assets such as real estate, personal property, bank accounts, investments and much more.
Create the Trust document: This is a legal document that outlines the terms of the Trust and the roles of the Trustor, Trustee, and beneficiary.
It should be signed by the Trustor/trustee and notarized for the best defensibility.
Transfer the assets into the trust: This involves legally transferring ownership of the assets from the Trustor to the Trustee.
This may require re-titling the assets or completing other legal paperwork.
Manage the trust: The Trustee will need to manage the assets in the Trust according to the instructions of the trust creator (Trustor) and the terms of the trust document.