“Make Your Living Trust” by Denis Clifford is a comprehensive guide that empowers readers to create revocable living trust without needing an attorney. As an alternative to a traditional will, a living trust offers several key advantages, including bypassing the probate process and maintaining greater control over the distribution of one’s assets.
The Benefits of a Living Trust
Clifford begins by outlining the primary benefits of establishing a living trust. Unlike a will, which must go through the often lengthy and costly probate process, a living trust allows assets to be transferred directly to named beneficiaries upon the grantor’s (trust creator’s) passing. This can save significant time and money while providing greater privacy, as probate proceedings are public records.[1][2]
Additionally, a living trust enables the grantor to maintain control over their assets during their lifetime and can revoke or modify the trust as needed. This flexibility is precious for individuals who may experience changes in their financial or personal circumstances over time.[1][2][3]
The Living Trust Creation Process
The core of the book guides readers step-by-step through the process of creating their living trust. Clifford provides clear, easy-to-understand explanations of the necessary legal terminology and concepts, making the process accessible even for those without a background in estate planning.[1][2]
The book covers the key elements of a living trust, including:
1. Identifying the grantor and any co-grantors
2. Selecting a trustee to manage the trust’s assets
3. Determining the beneficiaries who will inherit the trust’s assets
4. Transferring ownership of assets, such as real estate, bank accounts, and investments, into the trust[1][2][4]
Clifford also addresses important considerations, such as the management of trust assets, appointing a successor trustee, and including a “pour-over” will capture any assets not formally transferred into the trust.[1][2][4]
## Customizing the Living Trust
One of the strengths of “Make Your Living Trust” is its emphasis on tailoring the trust to the individual’s unique circumstances and preferences. Clifford guides various trust provisions, such as:
– Revocability and the ability to make changes to the trust
– Provisions for incapacity, allowing the trustee to manage the grantor’s affairs if they become unable to do so
– Specific instructions for the distribution of assets to beneficiaries, including the option to stagger distributions over time[1][2][4]
By offering these customization options, Clifford empowers readers to create a living trust that aligns with their goals and family dynamics rather than a one-size-fits-all approach.[1][2][4]
Addressing Potential Challenges
While the book presents a straightforward process for creating a living trust, Clifford acknowledges and guides navigating potential challenges. For example, he discusses the importance of properly titling and transferring assets into the trust and the potential need to consult with financial and legal professionals for more complex situations.[1][3][4]
Additionally, Clifford addresses the issue of trust funding, emphasizing the need to ensure that all relevant assets are properly retitled and transferred into the living trust. He provides detailed instructions and sample forms to facilitate this process, helping readers avoid common pitfalls.[1][2][4]
Comparison to Hiring an Attorney
One of the key selling points of “Make Your Living Trust” is the potential cost savings compared to hiring an attorney to draft a living trust. Clifford estimates this book can save readers thousands of dollars in legal fees, making the living trust option more accessible to a wider range of individuals.[1][2][3]
However, the book also acknowledges that consulting an attorney may still be the best course for some individuals, particularly those with complex estates or unique circumstances. Clifford encourages readers to assess their needs and consider seeking professional guidance carefully.[3][4]
Conclusion
“Make Your Living Trust” by Denis Clifford is a comprehensive and user-friendly guide that empowers readers to create their revocable living trust. By providing clear explanations, step-by-step instructions, and customization options, Clifford equips readers with the knowledge and tools needed to bypass the probate process and ensure the smooth transfer of their assets to their chosen beneficiaries.
While the book acknowledges the potential need for professional guidance in certain situations, it remains a valuable resource for individuals seeking to take control of their estate planning and save on legal fees. Overall, “Make Your Living Trust” is a well-written and informative guide that can be valuable to any reader’s estate planning toolkit.
Citations:
[1] https://www.booksnthingswarehouse.com/product/nolo-make-your-own-living-trust/
[2] https://www.doityourselfdocuments.com/LegalForms/EstatePlanning/Details/40
[3] https://www.thebalancemoney.com/should-you-write-your-own-revocable-living-trust-3505205
[4] https://www.bogleheads.org/forum/viewtopic.php?t=368219
[5] https://smartasset.com/estate-planning/best-estate-planning-books-for-2022
