Preparing a Living Trust

California
I am in the process of preparing a Living Trust considering using either Legalzoom or Suze Orman's Trust Kit. I am unmarried without children. I'd like my brother to be 1st trustee. I wish for he and my sister to share my inheritance equally. I own two pieces of real estate, my home and a rental unit.
My questions are:
1. In order to fund the trust I have to deed the properties to the trust. Wanting to save money, I've been informed that a quitclaim deed will suffice and the only cost will be for the filing fees. Is this true?
2. Is there anything I should know before I use Legalzoom or Suze Orman's Trust Kit?
Thanks

What are your reasons for doing the "Living Trust", rather than a simple will?

Q: Is there anything I should know before I use Legalzoom or Suze Orman's Trust Kit?

A: Yes; hire a lawyer.

congratulations for using a trust instead of a will, and thusly avoiding the probate process.

personally, i always use grant deeds to deed it from me to my trust.

i dont see why one would be any more expensive than the other. each is a one-page document.

if you dont want to use a lawyer, you could always print out the trust document, and have an accountant who knows about such stuff give you his opinion. many accountants are quite familiar with trusts.

i dont know the specifics about either of the 2 kits that you mentioned, but most kits are good enough to simply give your assets away upon your passing.

the real positives occur when the assets are left in trust after the death of the grantor, thereby protecting those assets from the creditors of the beneficiaries. when this is done, a much more complete and detailed trust document is needed, since the trust may stay in force for 100 years or more. it is then an ongoing business, instead of just an asset doling device at death.

hope this helps some.

trustuser,
Thanks for you help. I was very useful.
Diegooman

congratulations for using a trust instead of a will, and thusly avoiding the probate process. personally, i always use grant deeds to deed it from me to my trust.

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Agreed.

i dont see why one would be any more expensive than the other. each is a one-page document.

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If you have a one page trust document, then what have you left out?

if you dont want to use a lawyer, you could always print out the trust document, and have an accountant who knows about such stuff give you his opinion. many accountants are quite familiar with trusts.

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Accountants are not allowed to practice law.

i dont know the specifics about either of the 2 kits that you mentioned, but most kits are good enough to simply give your assets away upon your passing.

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Although you may be giving them away to someone you didn't intend to!

the real positives occur when the assets are left in trust after the death of the grantor, thereby protecting those assets from the creditors of the beneficiaries.

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Maybe, maybe not. It would depend on how you wrote the trust.

when this is done, a much more complete and detailed trust document is needed, since the trust may stay in force for 100 years or more. it is then an ongoing business, instead of just an asset doling device at death.

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Agreed...and that is why a trust lawyer is needed.

i did not say a one-page trust document.

the op mentioned quit claim deeds, because they were cheaper.

i simply said that i would use a grant deed instead. each is a one-page document, or can be made to be one page, when one eliminates all the superfluous box checking.

i dont have any box checking at all. i write the grant deed for the exact situation.

and of course, it matters how the trust is written. the proper protection clauses must be there.

this is why i am saying that the cookbook ones are generally fine, if you just want to give the assets away and avoid probate. at least the handful that i have seen. they are woefully incomplete if you want to have it continue as a business, after the passing of the grantor.

as far as seeing a lawyer, most documents prepared by lawyers are also woefully incomplete. to get a complete document that works as on ongoing concern, you do indeed need to talk to someone who specifically deals with it.

i certainly dont think that is the best route, and most people that i talk to, dont either - after they have been made aware that the opportunity of keeping assets in trust, even exists.

good luck, diegooman