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. Here's what you need to know to create one.Ī living trust is a legal document that takes control of some of your assets during your lifetime.
There are definite benefits to setting up a living trust, and creating a living trust on your own means you can save on legal bills.
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