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How do I set up a living trust for my family?
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1. Start by researching the different types of living trusts and selecting the type that best suits your family’s needs.
2. Gather all the relevant financial and legal documents that you need, such as deeds of ownership, a will, powers of attorney, and an inventory of your assets.
3. Find an experienced lawyer to help you prepare the trust documents.
4. Appoint a trustee, or trustees if you prefer, to manage the trust assets and have them sign the trust documents.
5. Transfer assets and property into the trust by assigning them to the trustee.
6. Have all the documents drawn up and signed by the trustee and any other parties involved.
7. Pay all relevant taxes and fees.
8. Review the trust regularly and update when needed.