Trusts have many benefits over wills, not the least of which is that they tend to be easier to change than wills are. If you anticipate having to change your will many times over your lifetime, a trust might be better suited to your purposes.Another benefit of a trust is that your loved ones will not have to go through probate when you die.
Since all your assets are already being held by the trust, your successor trustee simply transfers those assets to the beneficiaries you've named.
You also have the benefit of privacy. While a will must be entered into the probate court, where it becomes a public record, a trust doesn't have to be recorded with the probate court or any government agency.
 If you have a will but have decided you'd rather replace it with a trust, you may want to consider talking the matter over with an estate planning attorney before you go forward.Particularly if you had an attorney draw up your original will, they probably will be willing to offer you some advice on whether a trust would work for you.
If you didn't use an attorney to draw up your original will, look for a reputable estate planning attorney in your area. You may be able to get a recommendation from a friend or family member.
You also can find estate planning attorneys by searching the directory on the website of your state or local bar association's website.
If you find attorneys who provide free initial consultations, you may want to talk to two or three different attorneys so you can get several opinions. This will allow you to appropriately consider all the estate planning options available to you. #Decide what type of trust you want. Generally, you can create a revocable trust or an irrevocable trust. Ask an estate planning attorney to explain which would be best for your particular estate.Revocable trusts can be changed, or ended, at any point during your life. If you make an irrevocable trust, however, you won't be able to end the trust entirely – at least not without going to a lot of trouble.
If you're married, you also should consider whether you want an individual or joint trust. A joint or shared trust is probably a better idea if you and your spouse own a lot of property together.
Keep in mind that a joint trust can dispose of both shared and individual assets.
 Since you've already executed a will, you can use that as a guide when you list the assets you want to include in your trust. Then you can use this list to help you decide how you want to distribute those assets.Typically, anything that would go through probate is something you want to include in your trust – particularly if one of the main reasons you're creating a trust is to avoid probate.
However, you don't necessarily want to have all of your property in your trust. For example, if you have retirement or investment accounts that already allow you to designate a beneficiary, including those in your trust can cause potential confusion by adding unnecessary complication.
Go ahead and gather paperwork, such as account statements, deeds, and titles for the assets you want to include in your trust. Once you've signed your declaration of trust you'll need to transfer those assets from yourself into the name of the trust.
 Although you may have consulted an attorney earlier, you typically won't need an attorney to draft your declaration of trust for you. This is particularly true if you have a relatively simple estate with few assets.You can find forms or templates online that you can use to draft your declaration of trust yourself. Just make sure the form you choose has been approved for use in your state.
If you want an attorney to prepare these documents for you, expect to pay at least $1,000. However, if you feel comfortable doing them yourself you typically won't spend more than $100.
You also may be able to get an attorney to look over the document once you've finished drafting it to check for errors. This shouldn't cost you more than a couple hundred dollars.
 The declaration of trust is the trust document that is roughly equivalent to the will you've decided to replace. The language may seem similar, but there are some aspects of a trust that aren't present in a will.For example, with a living trust, you're going to list yourself both as the grantor – the person creating the trust – and as the trustee. You'll remain trustee as long as you're alive.
You'll have to name a successor trustee to take over after you die. Most people name their spouse or an adult child. You may want to use the same person you'd named as executor of your will.
The declaration also establishes the responsibilities of the trustee and successor trustee. If you're using a form, this language will already be included. Just give it a careful read-through and make sure you understand what it's saying.
After this, you'll list the beneficiaries of the trust, and the property included in your trust. You may want to create a separate document called a "schedule of property" so you can add or remove assets from the trust at any time without drafting a new declaration.
 Once you've completed your documents, look over them carefully to make sure everything is correct, all names are spelled correctly, and there aren't any typos or other errors.The signing procedures for a trust generally aren't as formal as those for a will, but they do vary from state to state.
You may be able to tell whether witnesses or a notary is required by looking at the form you used that was approved for use in your state. Otherwise, you may want to ask an attorney.
In most states, you must sign your declaration of trust in the presence of a notary. You don't typically need other witnesses like you would if you were executing a will.
After signing your declaration, make several copies of it. Then gather the documents you had for the assets in the trust and begin the processing of switching those assets over into the name of the trust.
Evaluate the benefits of a trust.
Consult an estate planning attorney.
Make a list of your assets.
Find a form or template.
Draft your declaration of trust.
Sign your declaration of trust.
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