A Living Trust is an estate planning tool designed to avoid the probate process. Free Living Trust forms are very easy to draft and can help your beneficiaries save time and money, including court costs and attorney fees.
There are two types of Living Trusts : Revocable Living Trusts and Irrevocable Living Trusts. Revocable Living Trusts can be changed or canceled by its creator any time. An Irrevocable Living Trust, on the other hand, cannot be altered or amended once it has been established.
When creating a Living Trust, first you need to decide what property you are going to include in the trust. Any assets that you plan on liquidating should be excluded. Next, you will name your successor trustee and beneficiaries. If you plan on keeping control of your assets while still alive, then you must name yourself the Grantor/Trustee.
As soon as you create your Living Trust, you must transfer ownership of your property to the trust. This is also called funding your Living Trust. Yes, you will need to update bank accounts, deeds, titles, etc. Your Living Trust will now own these assets. However, you will still retain management and control of the assets if you are named the Grantor/Trustee.
Types of Assets included in a Living Trust
- Real Estate
- Stocks and Bonds
- Life Insurance
- Retirement Accounts, Pensions and Annuities
- Bank Accounts and CDs
- Tangible Personal Property – Jewelry, Paintings, Furniture, Gold and Silver Coins, etc.
Sample Free Living Trust Forms – Living Trust of ______________________________
Declaration of Trust
I,_________________, the grantor of this trust, declare and make this Living Trust on ________________(date).
This trust will be known as the _________________ Living Trust.
I,__________________, will be trustee of this trust and any sub trusts created under this trust.
My marital status is ___________________________.
I transfer ownership to this trust of all of the assets which are listed on the attached Schedule of Assets of Living Trust.
Until I die, I retain all rights to all income, profits, and control of the trust property.
Upon my death or if it is certified by a licensed physician that I am physically or mentally unable to manage this trust and my financial affairs, then I appoint __________________(Successor Trustee).
In addition to any powers, authority and discretion granted by law, I grant the trustee any and all powers to perform any acts, in his or her sole discretion and without court approval.
Additional Trustee Powers
List any additional powers of your Successor Trustee in this space.
Information about the handling of the Grantor’s health by Successor Trustee.
Children’s Trust Fund
Provisions for the welfare of any children named as Beneficiaries.
Termination of Trust
Upon death of Grantor, the Trust becomes irrevocable.
Information for Beneficiaries and survivorship of the Grantor.
Amendments and Revocations
Space for any changes made to the Living Trust.
This trust was created on the date noted above and will be governed under the laws of the State of ________________________.
Schedule of Assets of Living Trust
A listing of all the assets transferred into the Living Trust.
Schedule of Beneficiaries of Living Trust
A list of all the beneficiaries and the property that they will receive from the trust.
Assignment to Living Trust
This form transfers ownership of assets to the Living Trust. A complete description of each asset should be provided.
Signature of Grantor
State of _______________________________________
County of ______________________________________
In and for the County of _____________________
State of ___________________________
My commission expires ___________________ Notary Seal