Our Process Frequently Asked Questions
Completing a living trust requires only two steps: the formation stage and the funding phase. The formation stage is where you speak with the attorney about your situation and your goals. He then prepares the trust and it is signed by you. Then the funding phase begins. Funding is the process of transferring your assets to the trust. For Life Plan Living Trusts, our Funding Coordinator holds your hand through this process and then we send you a confirmation that all the assets are now protected.
For asset protection trusts, there are three steps: (1) the formation stage; (2) the funding stage; and (3) the recording stage. The first two steps are similar to the living trust, above. The recording stage is the recording of all non-real estate that was transferred to the trust such as bank accounts and brokerage accounts. This recording should take place in the county in which the property is located. This stage is required to give any of your current creditors notice that the assets have been transferred to the trust. This, then, starts what is known as the 6-month clock.