What forms can I use to transfer homeownership?

What is a Living Trust?

A Living Trust is a trust created by a person (the “grantor”) for use during that person’s lifetime. It provides for payments of income for that person and the distribution of the remaining assets of the Trust upon that person’s death.

Although they sound complicated, Living Trusts are rather simple. Essentially assets are put into a “trust” and a person is designated manage those assets for the person who benefits from that trust. The person who manages the trust could be the person who made the trust (the grantor), someone else (a “trustee”) or even a paid professional. Living Trusts can also be amended or revoked at any time by the grantor.

An advantage of Living Trusts is that they do not have to go through the standard probate process, so funds can be distributed to cover your death expenses or to care for minors or disabled family members. They also may be able to make funds and assets available more quickly than Wills.

When to use a Living Trust:

You have assets you want to be distributed quickly upon your death or incapacitation.

You have assets you want dispersed privately.

You want to appoint a person or professional executor to manage the assets held in the trust.

Note: This Trust template is not appropriate for individuals whose estate exceeds the federal estate tax applicable exclusion limit. But this form is suitable for most with an average net worth.

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