How to Create a Free Living Trust

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Anyone can create a living trust. Thanks to online document distributors, trust documents and other forms required to create a living trust are available for download online. Many forms are free, but you’ll need to check before downloading. If you require assistance, contact a titling company or estate attorney. For most, however, this will not be necessary. As long as you read the documents carefully, you should have no problem filling them out.

Create a list of assets you want to transfer into the living trust. For a living trust to be effective, you must “fund” it with assets. An asset is an item of value that can be easily converted into cash. For now, restrict this list to assets you can easily appraise online or for free locally.

Appraise heirlooms, antiques, collectibles, diamonds and automobiles. Online appraisal sites allow you to input information about an asset into an online calculator and obtain the asset’s fair market value for free. For example, visit the Kelley Blue Book for an appraisal of automobiles. Visit the Faded Giant website for an appraisal of rare and collectible books. Visit a local jeweler for an appraisal of diamonds.

Download a trust document online using a free legal document distributor website. Fill out the free legal form as directed. Identify yourself as the trust grantor. Identify a successor trustee and provide a list of the beneficiaries your trust will benefit.

Sign and date the trust document. Have it notarized by a notary public. Contact your local bank manager. In many cases, bank customers whose accounts are in good standing can get documents notarized for free.

Turn over ownership of your assets to the trust. Fill out an Agreement for Sale and Purchase for each asset. This document transfers the title of an asset into a trust. Fill out a Deed of Acknowledgment of Debt for each asset. This document permits you to turn over ownership of an asset to a trust without payment. Obtain either document online for free using a legal document distributor website.

Tip

Shelter trust documents in a trust portfolio for safekeeping.

References

About the Author

Charlie Gaston has written numerous instructional articles on topics ranging from business to communications and estate planning. Gaston holds a bachelor's degree in international business and a master's degree in communications. She is fluent in Spanish and has extensive travel experience.

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