katrina said:
living trust. What does everyone think or know??
The best thing you can do katrina is go visit with an estate planning/probate attorney in your area. What you say is a living trust, may not be what others on here are thinking is a living trust.
States differ on what the requirements are, what they do, how they protect your assets and what you are able to do and not within the perimeters of it. The IRS regs should also be checked when forming a trust.
There are also different types of living trusts...revocable and irrevocable. Someone posted here that you set it up and are in charge of it, it takes care of things when you are gone....and so on. Part of that statement is NOT true, depending on the type of trust you may set up.
Depending on what your motivation is behind establishing one and your total asset picture, an attorney in your area/state is the best person to consult with regarding what will work best for you.
Trusts are great things under the right circumstances. Not so great in others. I have seen the elderly get swindled by some "probate" companies that come and visit them and get them to pay for a living trust to be set up. These people have so little, but yet these companies convince them they should set this trust up. When I say these people have very little, I mean they live on social security and have nothing more than a couple thousand dollars in their savings accounts. Yet these companies set this thing up, charge them $2,500-$3,000 to do it and they didn't need it.
So be wise when going into this. Like I said, there are advantages to them and disadvantages to them. Depending on your individual circumstance, it may be advisable to have one created and transfer assets to it.... But you won't know unless you go to an estate planning/probate attorney in your State.
One other note -- most living trusts have a companion "pour over will" to it so that if you acquire assets after forming the trust and forget to put it in the trust, the pour over will does it when you pass.
Food for thought. I hope you find very good guidance from a knowledgeable attorney in your area.