5 Key Tips For Preparing Your Living Trust

Preparing your Living Trust can be daunting. While it may be an easy thing to put off, a living trust will ensure the well being of your family. California Document Preparers has listed some things to consider when putting to together your living trust.

1) Name a Successor Trustee – person who would manage your estate for your young children. Typically parents choose their own parents, siblings, or close friends whom they trust. Be sure to choose a back up selection just in case your first choice is unable to make these decisions. Once your children are adults you can amend your trust and your grown children can be your Successor Trustee.

2) Name a Guardian – person/s who would raise your children in the event something happens to you or your spouse. The guardian can be the same person as the Successor Trustee, however it can be someone different. For example, your Successor Trustee may be great with money, but unable to care for your kids. Again, be sure to select a back up guardian.

3) Name your own Conservator (Financial Power of Attorney) – person who makes financial decisions for you if you become unable to make these decisions for yourself. Typically people name their spouse. However, it is good to name a back-up in the unfortunate situation where your spouse cannot make those decisions.

4) Name who will make health care decisions for you. This person will be your advocate with doctors and carry out your end of life decisions. Be sure to have a back up in mind.

5) Once you have a trust, the most important thing you do is fund the trust. Typically your home, rentals, financial accounts, and businesses go into a trust. A California Document Preparers’ trust comes with an organizer that lets you list all the information your Guardian and Successor Trustee will need to carry out your wishes. This section is flexible and lets you keep things updated as your children grow and your life changes.

If you haven’t started on your Living Trust—or need to update it–come in to one of California Document Preparers three Bay Area locations to get started.