8 Steps Involved When Creating a Living Trust

If you are on this page you probably want to know what the process is like to create a living trust. Generally speaking, here’s a birds-eye view of what the process entails:

• Step 1 – Initial Connection: You make contact requesting a consultation. Call in or send in an email. Inquiries seeking general preliminary information are welcome.
• Step 2 – Phone Call: We connect by phone for a brief discussion to determine if a living trust is what you need. Every now and then it is determined a living trust is not the best solution or a trust is not necessary.
• Step 3 – Meet: We meet either in office or by Zoom to discuss the matter. We explain the topic and you ask your questions. Once we know what you need is, the assets involved, and the circumstances involved, a quote can be generated. Fees and costs are all dependent upon the suggested plan for you. You are encouraged, but are not required, to have the items listed below in Step 4 handy for this conversation. If those cannot be located in time for this meeting, that information can be collected later.
• Step 4 – Data Collection: Once you are ready to move forward and work together, your personal data is collected. Sample information includes:
  • ID or Drivers License
  • Deed to your real property (house, condo, lot, commercial)
  • Vehicle Registration
  • Bank statements
  • Investment account statements
  • Life Insurance policy declarations
  • Everyone’s legal names and dates of birth (children and those named in the Trust and estate planning documents)
  • Phone numbers and addresses for key people
• Step 5 – Drafting: Thereafter, your Trust and estate plan are drafted.
• Step 6 – Sign Documents: Once your documents have been drafted, the next step is to finalize these together and collect signatures.
• Step 7 – Connect Your Accounts to the Trust: This last phase is called “Trust Funding.” Sample steps involve:
  • Notifying the County that a Trust over your real property (ie, filing a deed transferring ownership of your real property to the Trust)
  • Updating your homeowner’s insurance that a Trust exists and adding the trust as an “additional insured” to the policy
  • Updating bank accounts with Trust information
  • Updating investment accounts with Trust information
  • Updating life insurance policies with Trust information
• Step 8- You Live With Peace of Mind: Once you have completed the steps above, you can set this topic aside and carry on with your life with great peace of mind knowing that should anything happen to you, your legal plans and legal matters are set. You have removed ambiguities with respect to answering the following questions:
  • Who will manage my money (house, car, bank accounts, investments, and similar) if I am alive and cannot do so myself?
  • Who will manage my health care decisions if I am alive and cannot do so myself?
  • Who will manage my money when I die?
  • Who will inherit my money when I die?

The eighth step will apply to all! Those who have established their living trusts live life with a great sense of security and peace of mind for themselves and their families. But please note that everyone’s living trusts will be different. Therefore, these steps and the descriptions involved may not apply to everyone or may have some additional steps. This is simply intended to provide a general explanation of the steps typically involved when creating a living trust.

Ryan-Cruz Law, APC helps residents of San Diego County create a living trust and estate plan. Ryan-Cruz Law, APC often helps Californians living outside of San Diego County. If such is the case, the steps are slightly altered but generally follow a similar path.

Wishing you a healthy, prosperous life!