DocDraft, an AI-powered legal document drafting company, makes it easy to create a thorough and personalized living trust.
Our user-friendly platform combines advanced AI technology with legal expertise to guide you through the process, saving you time and money while ensuring your living trust is tailored to your unique estate planning needs and complies with state laws.
A living trust allows you to manage your assets during your lifetime and seamlessly transfer them to your beneficiaries upon your passing, avoiding the lengthy and costly probate process. DocDraft helps you identify your assets, choose your trustees, and specify your beneficiaries, giving you complete control over your estate.
A Living Trust, also known as a Revocable Living Trust, is a legal document that allows you (the "grantor") to place your assets into a trust during your lifetime. You can serve as the trustee and beneficiary of the trust while you're alive, maintaining control over your assets. Upon your death or incapacitation, a successor trustee manages and distributes the assets according to your instructions.
Living Trusts can help avoid probate, which is the legal process of distributing assets after death.
Assets in a Living Trust can be managed by a successor trustee if you become incapacitated, avoiding the need for a court-appointed conservator.
Living Trusts provide privacy, as they are not part of the public record like probate proceedings.
You can change or revoke a Living Trust at any time during your lifetime, as long as you have the mental capacity to do so.
A Living Trust does not provide tax advantages during your lifetime, but it can be used to minimize estate taxes after your death.
Once you have gathered this information, you can use DocDraft to start creating your Living Trust online. Our platform will help you organize your information and create a solid foundation for your legal document. Remember, while DocDraft is a great starting point, consulting with a qualified attorney is the best way to ensure that your Living Trust is comprehensive, legally sound, and tailored to your unique needs. Let DocDraft help you find the perfect legal professional to guide you through the process.
Grantor Information
Your full name and contact information, as well as that of your spouse if you're creating a joint trust.
Trustee Appointments
The names and contact information of your successor trustee(s) and alternate trustee(s).
Trust Asset Inventory
A detailed list of assets you wish to transfer into the trust, including real estate, bank accounts, investments, and personal property.
Beneficiary Details and Distribution Instructions
The names and contact information of your beneficiaries, along with instructions for how and when they should receive trust assets.
Special Trust Management Provisions
Any specific instructions for the management and distribution of trust assets, such as providing for the care of a special needs beneficiary.
Guardian Nomination (if applicable)
The name and contact information of the person you wish to serve as your children's guardian, if applicable.
While it is possible to create a basic Living Trust without a lawyer, it is highly recommended to seek legal advice to ensure that your document is legally valid, complies with state laws, and adequately protects your assets and beneficiaries. A lawyer can help you understand the implications of the trust, ensure proper funding, and navigate any complex legal issues. With DocDraft, you can get started by drafting your Living Trust online. Our user-friendly platform will guide you through the process step-by-step. Once you have completed the initial draft, you can use our service to connect with the perfect attorney for your needs. They will review your draft, provide expert advice, and ensure that your Living Trust is properly prepared and executed.
While a Living Trust can serve many of the same functions as a will, it does not completely replace one. You should still have a will to appoint guardians for minor children, direct the distribution of any assets not in the trust, and provide instructions for final arrangements.
Assets not transferred to the Living Trust may be subject to probate. It's important to properly "fund" your trust by transferring assets into it. You should also have a "pour-over" will that directs any remaining assets to be transferred to the trust upon your death.
