what do i need to know about setting up a living trusts how do they work how does a trust work in general?

Question

i have money and stuff expensive i do not want the gov. to get it i live in America what should i do

Answer 1

Before you go out to see any attorney who specializes in estate planning, you should strongly consider doing the following:
1) create a listing of all of your assets (paper, property, businesses, collectibles, et al)
2) take pictures and record videos of all major items you want to insure (if you have collectibles or rare items this is especially important)
3) locate any and all paperwork/documentation indicating value for said items & most importantly any legal documents, deeds, pink slips, brokerage accounts, and the like.
4) scan documents and combine both pics & vids onto dvds, burn multiple copies. Store one in a safety deposit, if you don't have one a safe, one with parents or trust family that does not live with you, and hopefully one with your family attorney.

Next for setting up a living trust, there are plenty of self help guides that generally give you an idea how to do so. Consider starting with Nolo Press books, they are written a very user friendly format. Once you get an idea how the contents, begin asking for referrals from family, coworkers and trusted associates. Also research the respective attornies on the ABA site to see if they are still active and licensed to practice in your state. Then arrange to meet with at least four of them, none of them should charge you for your initial visit, ask if they do and if they do not go to them, there are plenty of estate planning attornies out there.

Also do not rush to have this done, make sure it is done right for your needs. I've listed a link to the CA State Bar on living trusts, read up on it, but remember the info varies state to state.

Answer 2

As far as your expensive stuff, make a list of all property that you have and who you would like it to go to. The money can be put into an insurance account that will avoid probate and pass directly to your heirs without waiting for the lawyers to take their share. The government will not get your stuff, your estate will just be tied up in probate for years if you have no trust and your money is not in an insurance product. Get your money safe, and take the list of items to an estate attorney, and ask him/her if you even need a living trust. Most people in the states do necessarily need one if you take care of the money as I mentioned.

Answer 3

Go see a lawyer that specializes in trusts. Will probably cost a few thousand dollars to set it up.

Answer 4

quite. you opt for a have self assurance criminal professional to set this up for you. also favor to call someone except the beneficiary of the have self assurance who will act because the trustee. it would want to be a sturdy pal, a relative, or the criminal professional himself/herself. seem for a resources planning criminal professional or a Probate criminal professional.

Answer 5

dont ask this site and go get your lawyer for that kind of advise or a financial advisor.