Make Your Own Living Trust

by Denis Clifford

Contains easy-to-understand tear-out living trust forms and explains all aspects of living trusts, including how to create one, how one works, how property is transferred to the trust, and the benefits of having one. Original.

Genres: Finance, Personal Finance, Nonfiction, Law

1 pages, Paperback

First published May 1, 1993

Reviews

[Mark Prohaska · Rating 3 out of 5]

This book was both informative and easy to read. It sidesteps some of the most difficult problems that are rarely encountered but serves as a great introduction to the problem of setting up a living trust and should be helpful in talking to a lawyer later if you should need to. It also has downloadable forms that would be helpful for most people setting up a living trust.

[Sara · Rating 3 out of 5]

I think this could be stronger on when to consult an attorney and doesn't go far enough on some of the funding issues, but it is a decent overview for nonlawyers seeking to understand why and how living trusts work.

Also...I generally agree with the author re pour-over wills.

[Pat · Rating 4 out of 5]

Basic but very helpful.

[Walid Nasrallah · Rating 5 out of 5]

Super useful. A lawyer can help you catch mistakes (missing middle names, ambiguity) but =with this book you will do 95% of the work yourself and save.

[Gina · Rating 3 out of 5]

Good, comprehensible overview of what is needed to create a trust, providing for different circumstances with examples.

[Grace Kelly · Rating 5 out of 5]

Very detailed and to the point. Great for people in many life paths and honest about what you can do without legal counsel.

[George · Rating 4 out of 5]

OLD AGE IS NOT FOR SISSIES. Art Linkletter was right.

“Many readers, probably the majority, will find the information in this book sufficient to prepare their own living trust and backup will.” –page 226

True, but doubtful on the first read.

Very comprehensive (complete with tear-out and CD computer up-loadable forms), mostly readable, and marginally understandable; this book will break your mind (but, hopefully, not your spirit). Reading ‘Make Your Own Living Trust’, in the words of one-country-song-or-another, ‘makes the dying look easy’. It’s the hanging around having to hassle with AB trusts, disclaimer trusts, formula trusts, irrevocable A trusts, revocable B trusts, children’s trusts, QTIPs, probate, estate taxes, trust tax returns, fiduciary duties, trustees, successor-trustees and final/residuary beneficiaries that looks hard. Real hard.

But, if you are one who agrees with me that death-taxes, probate fees, executor fees and attorney’s fees are an unholy (and maybe unnecessary) evil; I do recommend this book. Especially for the do-it-yourselfer who doesn’t mind having their mind a little bent in the process. Make lots of notes as you go, though. (And have a magnifying glass handy: It's all 'fine print'.)

Conclusion: Preparing a Living Trust might be the last act of love, kindness, sacrifice and downright foolishness you get to perform for your ultimate heirs. It seems to have the potential of saving them time, effort and (maybe substantial sums of) money, though; and that might make it, at least, worth investigating. Attorney Denis Clifford’s book, ‘Make Your Own Living Trust’, is a very good place to start.

As for those impatient, long-suffering ingrates, the “final/residuary beneficiaries”: Let them all eat cake. Cheap, dry, tasteless, after-estate-taxes, cake.

That said, there really is a wealth of useful information to be gleaned from this volume. Be prepared to have to work to mine it, though. And be prepared to need to re-read some of the more pertinent sections, again and again, and perhaps again, to get full benefit.

If you have the time and temperament, though, ‘Make Your Own Living Trust’ can certainly provide the training.

[Gaby · Rating 4 out of 5]

Make Your Own Living Trust by Atty. Denis Clifford gives a careful introduction to living trusts, appropriate to most audiences.

I ordered the book for my own purposes and for a better understanding of living trusts as an attorney interested in branching into an estate planning practice. As a beginner in this area, I found the book helpful as an introduction.

Here are a few of things that the book covers:
-the advantages of establishing a living trust, such as avoiding or simplifying probate. The discussion on the process of probate, it's cost and estimated time frame;
-the record keeping requirements for a living trust;
-which state's law governs your living trust (when you own property or work in more than 1 state or overseas;
-transfer taxes involved when transferring property to a living trust;
-the potential difficulty refinancing property that has been transferred to a living trust, and possible ways to solve this problem;
-that a living trust doesn't establish a cutoff for creditors' claims as differentiated from when property goes through probate;
-that it is recommended to separately prepare a will, a durable power of attorney, a health care proxy aside from a living trust;
-that a basic living trust will not necessarily reduce federal estate taxes - you'll need to consult an attorney and tax expert;
-the impact of the new federal estate tax law on AB trusts during 2011 and 2012;
-property that shouldn't be included in a living trust; and
-property you should consider including in a living trust.

The book helps you prepare your papers, plans, and thoughts beforehand. The forms in the book don't include a "survivorship period" on gifts made to primary or alternate beneficiaries. The book mentions other recommended steps and ways to prepare a comprehensive estate plan. There are "red flags" in the book that point out when it is advisable to seek professional advice. There is a chapter that goes over how to select advisers, how to work with an expert, and how to find helpful information. Overall, the book is a helpful introduction to living trusts and may be sufficient for most users.

Note: the book shouldn't be used by Louisiana residents because of their legal system which is based on the Napoleonic Code, a civil law system.

[Patricia · Rating 3 out of 5]

This is a very helpful book, as well as easy to read and understand. After going through it the other night, I think I may opt to go with just a will at this point. The only property I have that I really need a trust for is the house, and I'm not sure if we will be keeping it much longer. I'll look a bit more into updating my will and may decide to revisit the trust idea again in a couple of years.

[Anne Shirako · Rating 5 out of 5]

With this book, I have all the information I need to create my own living trust. It's not hard or time consuming either. Using the accompanying CD, I've got all of the forms I need without searching online for downloads. Great resource.

[Mary · Rating 4 out of 5]

Very helpful.

[Jeff · Rating 3 out of 5]

Easy to understand, even a little too easy. It isn't quite written "for dummies," but it is pretty close.

[Sherry · Rating 4 out of 5]

Helpful advice and information for creating a trust and when you should hire professional assistance.

[Matt Heavner · Rating 4 out of 5]

very helpful trust reference - for both creating and executing a living trust.

[Mk · Rating 4 out of 5]

I have the old paperback version (not listed in this program). This is a ref. book that is always referred to -- and I will be referring to it again (if not a newer version). Love NOLO. Check it out.