A living trust is a legal document that states who you want to manage and distribute your property if you’re unable to do so, and who receives it when you pass away. Once signed, you transfer ownership of your assets into the trust and you remain in complete control of your property. The living trust property can be managed and distributed without going through the probate court.

A living will, commonly referred to as an advance directive, is a document that provides instructions regarding end-of-life care. Living wills allow you to make your own choices about life support and helps prevent confusion about the type of care you do or do not want in the event you become incapable of communicating your wishes. Without a living will, the laws in your state will determine your decisions.

A power of attorney (POA) is a legal document that lets you appoint someone to handle financial and legal matters on your behalf. The person authorizing the other to act on their behalf is referred to as the principal, grantor, or donor. The person authorized to act is the agent or attorney-in-fact. With a power of attorney, the person you appoint will be legally permitted to take care of important matters for you, including paying your bills and managing your investments, if you are unable to do so for yourself. A durable power of attorney (DPOA) serves the same function as a power of attorney, however, a durable power of attorney is effective even if you become incapacitated.

“In order to properly transfer your real property to your Revocable Living Trust, you will need to have a Real Property Deed which will identify your ownership as well as the transfer of title to each property to you as the Trustee of your Revocable Living Trust. Typically, the Real Property Deed will state: “John and Mary Jones hereby grants to John and Mary Jones, Trustees of the Jones Family Trust UDT October 26 2016”. The Real Property Deed identifies the current owner of the real estate (you or you and your spouse) as well as the address of the property and the legal description of the property. The term “UDT” stands for “under date of trust”. The UDT date is the date you actually sign the Revocable Trust document. As soon you join TrustLock and complete the Estate Planning Questionnaire, your Real Property Deeds will be automatically generated.  Thereafter, you will have to sign each Real Property Deed in the presence of a notary public.  After execution, your Real Property Deed should be filed with the local government agency that is responsible for filing real property deeds.  You can either file your Real Property Deeds yourself or you can pay an additional fee to TrustLock for TrustLock Deed Filing Services to file your deeds for you.

After you become a TrustLock member and complete your Estate Planning Questionnaire, your Revocable Living Trust will be completed.  However, in order to fund your Trust you will have to transfer title to your real property (Real Estate Deeds) as well as your bank accounts, savings accounts, brokerage accounts and other financial institution accounts.  TrustLock will provide you with “Trust Funding Instructions” to provide you with specific guidelines for transferring these assets. In this regard, TrustLock will provide you with a “Directive to Banks & Financial Institutions” document for each of your financial institution accounts. These documents will provide you with the exact detailed explanation for the financial institution to assist you in transferring your accounts to your trust.