Do Living Trusts Need To Be Notarized?
If you are interested in protecting your assets for the future, then you may be thinking about putting a living trust to work for you. A living trust, of which the most common type is a revocable living trust, is a legal document. The goal is to use this document to place your real estate, bank accounts, and other assets in a protected location to preserve them for yourself and your beneficiaries.
How does this trust work? What do you need to do to get this trust established? You may need to get your living trusts notarized in order for them to become active.
What Is a Living Trust?
If you have assets that you would like to protect, you may want to place them in a living trust. The most common type of living trust is a revocable living trust. This means that you can decide to remove the trust at any point in time. While you are still alive, you will name yourself the trustee. You will remain in complete control of your assets, shifting them in and out of the trust as you desire.
In addition, you will also name a successor trustee. This is the person or entity that will manage your trust when you die. In addition, if you ever become incapacitated (such as you have surgery or suffer a brain injury), the successor trustee is also going to act on your behalf, managing the ass that’s for you. It is important to take a close look at this trust, how it works, and use it to your benefit.
When To Use a Living Trust
There are several situations where someone may decide to use a living trust. The biggest reason why people put a living trust to work for them as they would like to avoid probate court. Even though probate court can vary depending on the exact situation, it can be very expensive. For example, there are situations where it could cost ten percent of the value of your assets just to divide them up. In addition, it could take a long time to go through probate court. A living trust bypasses this issue.
In addition, a living trust is also used to ensure privacy. For example, if you have a living will, this is something that is public. Therefore, just about anyone can open your living will, scrutinize it, and can test it when you pass away. In addition, the probate court is also open to public view. In contrast, a living trust is private. It is more difficult to challenge and can bypass a lot of these obstacles. Even though there are other ways you can avoid probate court, one of the easiest ways to do so is to use a living trust.
Do Living Trusts Need To Be Notarized?
There are situations where a living trust may need to be notarized. In general, you need to get your living trust notarized in order for it to become legally binding. Even though you do need to take a closer look at the regulations in your state, it is the job of a notary to verify the identities of the people on the form. In addition, the notary is also going to verify that the information included in the document is actually what you would like to do. This is an extra layer of protection that can prevent someone from stealing your identity and misusing your assets.
How To Prepare a Living Trust
If you are interested in preparing a living trust, then you are going to have to work with a legal professional who has experience in this area. In addition, the regulations can vary from state to state, so make sure you work with someone who is familiar with the process in your local area.
First, a lawyer is going to explain how the living trust work. Then, he or she is going to review the assets that you would like to put into the living trust. He or she is also going to ask you to name someone to govern the trust, which will likely be yourself. In addition, you will have to name someone to take over management of the trust when you pass away or if you become incapacitated. It is important for you to think carefully about who you want to manage your assets. Finally, you will have to get the document notarized before it becomes active.
How To Get Living Trusts Notarized Online
Even though you can certainly spend hours and days driving around trying to find a public notary, you and also go through this process online. This can save a lot of time and money. For example, you can take advantage of OneNotary and get your trust documents notarized online. The steps include:
- First, you will take a look at the schedule and select an appointment time that works for you.
- After this, you will receive an email confirmation. You need to click on the link in this email to upload your documents.
- Next, you will answer a few questions about yourself to verify your identity prior to the appointment.
- Finally, when it’s time for your appointment, you will meet with the notary, go through the process, and get your document notarized.
Once the appointment is done, you should be able to download your notarized documents. After this, you could submit your living trust documents to the law firm and your trust should become active.
Frequently Asked Questions About Living Trusts
A few common questions people have about using a living trust include:
Why do people use a living trust?
This is a great way for you to protect your assets from the probate court. You can also make sure that your assets are passed down to your preferred beneficiaries.
Do I need to get my living trust documents notarized?
In most cases, you will have to get your living trust documents notarized. You should meet with an attorney to learn more.