The trustee or executor will assume the responsibility of managing living trust assets after you have passed away or are incapacitated.
The successor trustee can be an individual or an organization. They operate without supervision from the court and are able to manage your business privately with the help of accountants and a legal executor. In accordance with the instructions of the living will the trustee is responsible of distributing trust assets beneficiaries.
It is important to confirm the Trust Document
It’s now time to put all of the things in order. This is among the most important steps of this article on how to make a living will as well as a trust.
There are laws that differ within each state, which regulate how living wills are structured and trusts. There are two common methods to write a living trust:
Engage an attorney. Living trust attorneys or any other professional in the field of law is able to assist in making the documents. The lawyers in your family can assist with the process. The process can be slow and cost a lot. The alternative is doing it yourself.
Do it yourself (DIY), by taking forms and creating the living trust documents. Most of these forms and templates can be found online. When you DIY, there is no legal involvement when you complete the task. It’s quick and cheap.
Whatever method you decide to use it will be faster because you’ve already collected all the necessary information from earlier steps on how to establish the living will and trust.
Sign Your Will
It’s now time to sign it. But for it to be legally valid, you need to be able to sign it using your own handwriting. In many states, you have to swear the will in front of at least two witnesses which are legally required to sign the will. They do not have to be beneficiaries. They must be 18 or more.
Witnesses are the ones who will stand by you when your time is up. If your decision may be up for debate in court witnesses might be asked to testify.