Pub. Date: Feb 2011
By creating a Living Trust and transferring some or all of your assets into the name of the trust, you can ensure that those assets will not go through probate. Once you die, a successor trustee will distribute the trust assets to the beneficiaries named in your trust document. Distribution can often be done in only a few weeks.
You can use a Revocable Living Trust to provide for the transfer of your assets to named beneficiaries after you die in a manner that avoids probate. You can also use it to provide for the management of property left to young beneficiaries.
If you allow your assets to go through probate, they are likely to be unavailable to your family and other potential beneficiaries until the probate of your estate is complete. This usually takes several months but can sometimes take years if your estate is complex.
This Revocable Living Trust is for someone who is single.
It allows you to make as many specific gifts (gifts of cash and specific objects) of trust assets as you want and then gifts your residuary trust estate to named beneficiaries. Your trust estate includes all assets properly transferred to the trust. The residuary trust estate is that part of the trust estate that is remaining after all specific gifts have been made and all debts and taxes owing at the time of your death discharged.
This Revocable Living Trust is a downloadable form. It comes complete with guidance instructions on how to fill in the form as well as a variety of sample clauses including UTMA custodianship and child trust provisions.
If you are not completely familiar with Revocable Living Trusts, we recommend that you purchase our book entitled “Make Your Own Living Trust and Avoid Probate”. This book not only contains all the forms you will need to make your own living trust but also gives you a detailed explanation of living trusts and how they work.