![]() ![]() The court can remove you as guardian if you violate the oath, for example, using the ward’s funds for your personal benefit. To get new letters, you must file an annual report and post a new bond. Creating a living trust on your own is an easy way to create a plan for the management and distribution of some of your assets. After you post the bond, the clerk will issue Letters of Guardianship to prove that you are the guardian. You don’t have to file the trust with any court or agency, just keep in a secure location with fairly easy access. This means that you must sign it in front of a notary public and/or witnesses (this varies by state, so make sure you understand the requirements). Once you have the trust prepared, you have to execute it. Make Document Minor Acknowledgment: Children 14 and older must also sign the minor acknowledgment if they are mentioned in the Agreement. The agreement sets up the rules for the trust and describes how the trustee is instructed to distribute the assets and what authority he or she has over those assets. This document identifies the trustee and beneficiaries. For financial accounts, you transfer the ownership to the trustee as well Creating the trustĪfter you’ve made the important decisions about what will be in the trust and who will be involved in it, you’re ready to prepare the document itself, which is called a trust agreement or declaration of trust. So for real estate, you will need a new deed. To place the assets in the trust, you need to change the legal ownership of the assets from your name to that of the trustee. You can select any assets you want, but most people choose real estate, investments or bank accounts. Once you decide who you want to be involved in your trust, you have to choose the assets that will go into the trust. For many people, this is a spouse or family member. You’ll also need to choose your beneficiary or beneficiaries, the person or people who will receive the assets in your trust. It is also possible to choose a company, such as a bank or a trust company, to be your trustee. It’s important to name an alternate or successor trustee so there is a backup. You generally name yourself as the initial trustee. The Petition, notice, and a blank objection form must be served. Depending on the case, you may need to serve other individuals, too. These include the child’s parents and, if the child is 14 or older, the child as well. You will need to choose a trustee who will be in charge of managing the trust assets and distributing them. Several people must be personally served (given the legal papers in person) in a guardianship case involving a minor. ![]() When you create a DIY living trust, there are no attorneys involved in the process. The assets in a trust pass outside of probate and outside of your will.Ī living trust is often referred to as a revocable living trust, which is set up so that you can change your mind about the trust at any time, revoke it, or make alterations to it. You choose a trustee who controls the trust and transfers the assets to the beneficiaries you choose. ![]() Start my estate plan What is a living trust?Ī living trust is a legal document that takes control of some of your assets during your lifetime. ![]()
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