Online Living Trust FAQ - Part One

Online Living Trust FAQ - Part One
By Robert Olson

In this two part article series I will address the online living trust questions I get asked the most in my law practice.

Question #1 - What is a living trust?

A Living Trust is a separate entity that is created to own and manage property. The creator of the trust, the Grantor, is typically also the trustee, person in control, and the main beneficiary, in most cases with the spouse and any minor children. The primary purpose of making a living trust is that, unlike a will, property that passes through your trust does not have to go through probate after your death. This will save a great deal of time and expense for your family. During your life you, as the trustee, have complete control over the property in your trust. When you die, the person you named as "successor trustee" passes your trust property to the people you named as beneficiaries.

Question #2 - Do I need a living trust?

This is the most frequent online living trust question I get. If you own property such as a home or financial accounts in a bank, having a trust is a very good idea. It will allow you to avoid probate, which may save your family time and money. Probate is a public court process that transfers property owned by one person alone at their death. It can take more than a year and cost thousands of dollars.

Question #3 - Can I do an Online Living Trust

Yes, an online one can be a good choice if you get options and an education about the process. I recommend staying away from forms that are a one size fits all because you may not be that size. Look for products that teach you how and allow you to draft your own trust and supporting documents. In addition community education classes or online e-courses are good resources to learn more about the living trust.

Robert Olson is the lead attorney at DIY Lawyer. A website dedicated to helping people do their own legal work including drafting a Living Trust. They offer an e-book with a money back guarantee titled the Living Trust Annotated. This book teaches you to draft your own Living Trust for a fraction of what you would pay an attorney. With the purchase of the e-book you also receive a free half hour phone consultation with a DIY Lawyer to answer your questions about the book. You can read about it at DIY Lawyer's Living Trust Annotated.

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