Can You Set Up A Trust Without An Attorney?

Yes, you can set up a trust without an attorney.

Setting up a trust without an attorney can save money. 

It helps distribute your assets as you wish after you pass. 

Unlike a will, a trust skips the probate process. 

The probate process can be long and costly. 

But be careful when creating a trust without a lawyer. 

It needs careful attention to detail. 

Errors can lead to financial and legal problems.

Here’s a general guide on how to create a trust without a lawyer:

• Educate Yourself: Understand the basics of trusts and why they might be beneficial for your situation.
• Choose the Type of Trust: Decide whether you need a revocable or irrevocable trust. A revocable living trust can be changed or revoked at any time, while an irrevocable trust, once established, generally cannot be altered.
• Inventory Your Assets: List all of your assets, such as real estate, bank accounts, securities, jewelry, and other valuables that you wish to put into the trust.
• Select a Trustee: This individual or institution will be responsible for managing the trust. It can be you, a close family member, a trusted friend, or one of our estate planning lawyers.
• Purchase Trust Software or Forms: There are various online platforms and software packages that help guide individuals through the process of creating a living trust.
• Draft the Trust Agreement: Use the software or forms to draft your trust agreement. This document will detail who the beneficiaries are, what assets are included, how and when the assets will be distributed, and who will serve as the trustee.
• Notarize and Witness: Some states require the trust agreement to be notarized. It’s also a good practice to have the document witnessed, although it’s not always a requirement.
• Transfer Assets to the Trust: This is a crucial step. For the trust to be effective, you must formally transfer ownership of your assets to the trust. This might involve changing titles on property, altering account ownership at financial institutions, and more.
• Store the Document Safely: Place the trust agreement and any related documents in a safe place like a fireproof box, safe deposit box, or with a trusted individual.
• Review and Update as Necessary: Regularly review your trust, especially after major life events like births, deaths, marriages, or divorces, and make changes as needed.

Things to keep in mind when creating a trust without an attorney:

• State Laws: Each state has different laws and regulations regarding trusts. It’s important to ensure that your trust complies with your state’s specific laws.
• Complex Situations: If you have a complex financial situation, significant assets, or special considerations (like caring for a special needs child), it’s highly recommended to consult with a trust lawyer, even if you want to draft the majority of the trust yourself.
• Potential Errors: Mistakes in creating a trust can have lasting financial and legal consequences. If you’re not confident in your ability to create a trust without legal assistance, it might be worth the investment to hire a trust lawyer.
• Taxes: Trusts can have tax implications. It’s wise to consult with a financial advisor or tax professional to understand potential tax consequences.

Remember, a trust can be an effective tool for estate planning, but it’s essential to ensure that it’s done correctly. 

If there’s any doubt, fill out the form on this page to talk to an attorney.

Read More: Does Your House Have To Be Paid Off To Put It In A Trust