The Living Trust, as a concept, is actually easily comprehensible. As I explained in Chapter 2, it is just like an after-death power of attorney in which you authorize a living person to sign your name to documents that transfer your assets to designated beneficiaries after your death.
Although the concept of a Living Trust sounds fairly simplistic, you have to prepare yourself for the process of establishing the actual document. Before you retain the services of an attorney to prepare it for you, you must do your homework.
Yes, I said homework—a word that may, for you, still ring with the negative connotation of sitting down at a desk and reading, writing, and researching while you would rather be doing something else that you consider more fun. At least, that’s the first thing that comes to mind when I hear that word. Even though being an adult means having to work for a living and being a slave to a mortgage, you know what compensates for that? No school tomorrow—and no homework!
But now, your Living Trust advisor is telling you to do your homework. It’s part of your Living Trust training. It’s what you need to do before you set your Living Trust in stone. And this homework involves picking the right attorney and familiarizing yourself with certain basic words and concepts that your Living Trust must contain in order for it to be a valid and effective document.