If you want to protect your assets for the future, then you might consider putting in a living trust. Doing so will protect your asset in the event of your death or any other circumstance. A revocable living trust is the most common type of living trust, and it is an important legal document.
This document aims to provide a safe place for your real estate, bank accounts, and other assets so you and your beneficiaries don’t face any issues ahead.
So, how does the trust document work? What documents need to be notarized? Does a trust have to be notarized? And when do you need to have a revocable living trust? We will discuss all those things and a lot more in this article.
There are various situations where you might need to have a living trust. The primary reason why you should get a living trust is to avoid probate court.
This is because the probate courts can be very costly, depending on the situation. For example, you would have to spend around 10% of the value of the assets when dividing up the assets.
In addition to that, it would take more time to go through the process that is set by the probate court.
Therefore, going for living trusts is a much better option since it helps you bypass the issues. Not just that, but the living trust allows you to protect your assets while offering privacy.
Another example can be that the living trust ensures the division of assets is stated correctly, allowing all the relevant parties to ensure everything is going according to the set requirements.
Even the probate court has access to the living trust, so it ensures complete control over your assets.
Therefore, living trusts can easily help you bypass obstacles without any issues. Furthermore, challenging trust documents isn’t one of the easiest tasks. While there are many ways to avoid probate court, living trust seems to be the best one among all of them.
There can be different instances where a living trust may need to be notarized by a notary public. Generally speaking, you would have to get your living trusts notarized for it to become legally binding.
You might have to look closely at the state law to learn about the notary laws, but it is the notary public’s responsibility to verify the identity of the people on the documents.
Additionally, the notary is responsible for verifying that all the information in the document is the same as what you want. This gives an additional layer of protection, ensuring that no one steals your identity and misuses your assets.
Yes, a living trust is considered an important document where you create a trust to divide your property and assets following your death.
There are various reasons why you should create a living trust and then notarize it. Drafting a living trust would ensure your family would have to go through court or financial institutions to get the assets you have left behind.
The living trust would divide assets easier and quicker. If there is any asset to your name, it will be assigned to your beneficiaries.
After your death, the representative of your estate plan will manage the distribution of the property and other assets. This entire process will only take a few weeks compared to the lengthy time the probate court may consume.
Furthermore, you will have the peace of mind that your assets will be divided properly after your death. While thinking about dying, can no doubt be scary, at least you’ll know that your estate will be taken care of after you’re gone.
Now that you know the importance of a living trust, you might want to know how to create this important document. Before you make a draft for your document, here are a few things that you need to do:
Once you complete these steps, you can complete the trust document by creating a declaration of trust. You can either hire an attorney to create and write living trusts on your behalf or purchase a living form and then fill it out.
There is no need to find a notary public to get your living trust document notarized since you can get it done through the PandaDoc Notary.
The process is easier for the witnesses and will cost you way less than getting your notarized document.
You put the trust property into the documents and completed the draft. Once your trust documents are complete, you can set an appointment with the notary.
Next, the notary will send you an email where you will have to upload your original trust document and other paperwork. You would need two witnesses that would appear in front of a notary to complete the proceedings.
Notarizing a living trust is no longer hectic since you don’t have to go to a lawyer or attorney.
You can either get either one of the following institutes to manage and create your living trust:
Also, some states have a law that authorizes them to perform the online remote notarization for the will, living trust, or any other document.
While the living trust needs to be notarized, many people wonder how long it will stay valid. The revocable living trust will automatically become irrevocable when the grantor passes away. Therefore, it would become impossible to change it after that. So, the expiry of notarized documents will be until the individual making the trust is alive.
The notary public can notarize any other document apart from the trust document. The only exception is any documents that the state law prohibits them from notarizing.
Notarizing a living trust online is no longer an issue with the PandaDoc Notary. It allows you to instantly place the signature on the documents online and get it notarized in one go.