Download our Living Trust Form free template to create your legal document. Ensure you know exactly who will receive your assets after you pass away and who will be in charge of distributing them.
Last Update March 13th, 2023
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- Living Trust Form
- What Is a Revocable Living Trust
- How to Set Up a Living Trust Form
- What Are the Disadvantages and Advantages of a Living Trust
- Revocable Living Trust Sample
- FAQs About Living Trust Forms
What Is a Revocable Living Trust
A Living Trust is a legal form that places your assets into a legal entity (a trust) to then be easily distributed to your heirs at the time of your death.
There are two types of Living Trusts:
Revocable Living Trust
Irrevocable Living Trust
A Revocable Living Trust is the most commonly used of the two types of documents. The reason being is that it can be modified at any moment.
A Living Trust is beneficial to your heirs, such as family members and close friends. Your heirs can avoid having to go through the probate process thanks to the document.
It also allows you to be in control of your funds and assets whether you are in good health or not.
There are other common names that a Revocable Living Trust can be called, such as:
Revocable Trust
Living Revocable Trust
Revocable Grantor Trust
Joint Revocable Trust
Easily create your document in minutes with our Living Revocable Trust template.
How to Set Up a Living Trust Form
Knowing how to write your Living Trust Form correctly is crucial, as missing details or errors can lead to confusion or disagreements when it is needed.
Firstly, it is essential to understand the parties involved in a Living Trust document.
Grantor: The person who creates the Living Trust and whose assets are added
Trustee: The party who is in charge of the assets, in most cases it is the grantor
Successor Trustee: The individual who takes responsibility for the trust if the trustee passes away
Beneficiary: The individual or entity who receives the assets from the trust.
Once you know who the parties will be in the document, you must follow these steps to create your Living Trust:
Download a Revocable Living Trust template: By using a template, you only need to name your trustee, assets, and beneficiaries.
Sign the trust: Once the essential information and parties have been added, sign the document and get it notarized. If someone besides you is the trustee, that person must sign as well.
Pass your asset’s ownership over to Your Trust: You will continue to control your assets while living.
Doing this allows your trustee or successor trustee to manage the assets in your trust. If or when you pass away, your assets will easily be distributed to your beneficiaries.
If you create a Revocable Living Trust, you can also create a pour-over will.
A pour-over will is used with your Living Trust to transfer any asset not part of the Trust into the document when you pass away.
What Are the Disadvantages and Advantages of a Living Trust
Creating a Living Trust is not always straightforward. There are could be some disadvantages to creating this type of document.
However, anyliabilitydoes not outweigh the advantages in the vast majority of cases.
Review the advantages and disadvantages of a Revocable Living Trust below.
| Advantages | Disadvantages |
|---|---|
| Beneficiaries can avoid the probate process | Needs to be reviewed each year |
| You can modify it any moment | You must still pay for the assets |
| Distribution of assets will be simple | Property needs to be re-registered after making the document |
Revocable Living Trust Laws by State
States have specific laws regarding how Living Trusts can be made. The majority of states have added some part of the Uniform Trust Code to their own legislature.
You can find your state’s laws regarding Living Trusts below.
| State | Law |
|---|---|
| Alabama | § 43-8 |
| Alaska | § 13-16 |
| Arizona | § 14-3 |
| Arkansas | § 28-4-40 |
| California | § 7- 2-3 |
| Colorado | § 15-2 |
| Connecticut | § 45a-471 |
| Delaware | § Title 12, Part 4 |
| District of Columbia (Washington, D.C.) | § 19-1301.01 |
| Florida | § 42-731-735 |
| Georgia | § 53-5 |
| Hawaii | § 30a-560 |
| Idaho | § 15-3 |
| Illinois | § 755 ILCS 5/, 6-7 |
| Indiana | § 29-1 |
| Iowa | § 15- 633 |
| Kansas | § KS Chapter 59 |
| Kentucky | § 394–395 |
| Louisiana | § 2421-2425 |
| Maine | § 18-C |
| Maryland | § Title 5,101-804 |
| Massachusetts | § 2-2-190B |
| Michigan | § 701-713 |
| Minnesota | § 524 |
| Mississippi | § 91-7 |
| Missouri | § 31-473 |
| Montana | § 72-3 |
| Nebraska | § 30, 30-333 |
| Nevada | § 136 |
| New Hampshire | § 56, Chapter 552 |
| New Jersey | § 3-17 |
| New Mexico | § 45-3 |
| New York | § 3-2 |
| North Carolina | § 28A-2a-b |
| North Dakota | § 30.1 |
| Ohio | § 21- 2101-2131 |
| Oklahoma | § 58 |
| Oregon | § ORS Chapter 113 |
| Pennsylvania | § 20-31 |
| Rhode Island | § 33-7 |
| South Carolina | § 62- 3-3 |
| South Dakota | § 29A-3 |
| Tennessee | § 32-2 |
| Texas | § 1 & 2 21.001 |
| Utah | § 75-3 |
| Vermont | § 14-3 |
| Virginia | § 64.2-2 |
| Washington | § 11-11.20 |
| West Virginia | § 41-5 |
| Wisconsin | § Chapter 851 |
| Wyoming | § 2-7 |
Revocable Living Trust Sample
One way to ensure that you do not leave any key information out of your Living Trust is to review an example.
It’s always a good idea to review an example before creating any type of legal contract or form.
Look over the following sample Revocable Living Trust to understand how your document should be outlined and the key information that it must include.
FAQs About Living Trust Forms
There are concepts regarding the creation of Living Trusts that may be confusing. You may have doubts about whom to add and what the benefits and regulations of the document are.
If that’s the case, look over the following answers to the most asked questions about Living Trusts.
Who Owns the Property in a Revocable Living Trust?
The person who creates the Revocable Living Trust, the grantor, remains the owner of the property that is included in the trust.
Even if you transfer the title of your property to another person, your assets will still be recognized as yours.
This also means that you will still be taxed if any of your assets earn any income, even if they are part of the Living Trust.
Are Living Trusts Public Records?
Living Trusts are not public records. This remains the case even after the death of the grantor.
There are only a few individuals that will have complete access to the documents of the Revocable Living Trust.
The parties listed in the trust such as the trustee and successor trustee will have access to all the information. Accountants and beneficiaries may also have access depending on the circumstances.
In very rare cases, a Living Trust could be made public if it needed to be used in a court case.
How Much Should a Revocable Living Trust Cost?
Depending on if you would like to create a Revocable Living Trust individually or with a partner, the cost could vary greatly.
Typically, people go to a lawyer to make the document, however, this is usually expensive. For an individual Living Trust the cost could be as high as $5,000 and for a couple, it may be up to $8,000.
Take advantage of our Revocable Living Trust template to create your own document and skip the large fees.
What Assets Can I Put in a Recoverable Trust?
Arguably the most important pieces of information you must include in your Living Trust are the assets.
The assets you should include in the Recoverable Living Trust are:
Real Estate
Vehicles
Bank Accounts
Stocks & Bonds
Investment Accounts
You can also include other personal belongings that should be managed by your trustee or successor trustee.
Listing your assets along with your trustee and beneficiaries will be essential, so you know exactly who receives them in the event of your death.