A Living Trust is a legal tool to help you better manage your property, or make sure your family will be taken care of after you’re gone.

Essentially, a trust is a transfer of legal title from the owner (or the grantor or trustor) to an institution or person (a trustee).

For instance, a mom (Sally Smith) can transfer ownership of her home, property, and valuable items into the Smith Family Trust. She can name her child as the beneficiary. As trustee, Sally Smith continues to manage and live in the home, caring for her child. She can be confident that if something happens to her, the items in the trust remain protected for the benefit of her child. Without a trust, the property that belongs to her is subject to legalities and taxes. Legalities and taxes can greatly reduce what is left to provide for her child.

Lawyer or no Lawyer for a Living Trust?

A living trust can be created without the help of a lawyer. A basic living trust document usually includes the following information: The

• creator of the trust (your name if it’s your trust)
• trustee, the person in charge of managing the trust (again, this is your name if it’s your trust)
• trustee who will take over managing the trust and distributing the property when you are not able to. This can be a close friend, trusted relative, or adult child
• beneficiaries, known as the people who will get the property of the trust. This is the same as in a will.
• trustees who will manage any property left to young beneficiaries

Often times, when children or young adults inherit property from a trust, there is a delegated trustee. The trustee is appointed to manage the property for the child until the child is mature. The trust goes to the child when the child is mature and competent to manage it themselves,

Living Trust is Care for Your Family

Draft your trust with this pertinent information, and sign it in front of a notary. To make the trust effective, use a deed or standard transfer document. Transfer the property of the trust into the trustee’s name, per the trust’s terms.

A Living Trust is another way to say, “I love you,” to your family. This document is not difficult to assemble, and can be easily changed as people and possessions in your life change. The Living Trust allows you to have confidence that your family is cared for.

For You

For more helpful tips and practical helps, get a copy of The Ten Best Decisions A Single Mom Can Make. Even better, get a copy for yourself and one for a friend to go through together. Even more better, grab a case and invite other single moms to share the journey, support, and friendship.