By Jeffrey L. Condon
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Additional info for AARP the Living Trust Advisor. Everything You Need to Know about Your Living Trust
I want you to take care of all the transactions—the buying, selling, leasing, exchanging, investing, wheeling and dealing—and send me a check for the income on the first of each month. ” But that’s not how it goes with a Living Trust. You don’t transfer your assets to a third-party money manager. You transfer it yourself. When you set up a Living Trust, you are saying to yourself, “Self, I want you to manage these assets—all the buying, selling, leasing, exchanging, investing, wheeling and dealing.
You May Have Living Trust Training, but You Haven’t Been Trained My Way! These experiences with both lawyer-prepared and self-drafted Living Trusts caused me to arrive at the sweeping generalization about how little you know about the Living Trust, even if you have one. A ton of people have been to Living Trust seminars, read Living Trust books, downloaded Living Trust software, and attended complimentary Living Trust consultations. Another ton of people have Living Trusts. But, those same tons of people still possess a definite and palpable thirst for knowledge about Living Trust basics.
If you have seen a Living Trust before, you have found that they are somewhat lengthy. In my office, the typical Living Trust is 50 pages long. But even though your head says you need a lawyer to help you through the minefield, your heart may be urging you to do it alone. Why? Because you have heard the lawyer horror stories from your family, friends, and co-workers. ” And on and on . . Of course, there is nothing to stop you from giving it the old college try. In fact, you will find a lot of help.