An express trust is one of the easiest trusts to make. In fact, writing it down isn’t always necessary. Some express trusts are binding even if the parties involved made the agreement orally. However, experts agree that it’s always best to put your wishes in writing. In an express trust, property passes to a person, but the gift remains held for the grantor. Someone on trust must hold the legal title to the property for it to be an express trust.

An express trust, like a living trust, is established and in effect during a person’s lifetime. Its main purpose is to transfer legal title to the individual’s property to someone who holds the property for the benefit of another party. The trust is amendable or revocable by the individual during his lifetime so long as she has sufficient mental capacity. Upon the individual’s incapacity or death, the trust becomes irrevocable. Get express trust advice through an express trust provider to:

1. Avoid the need for probate court at the time of death or incapacity.

2. Maintain homes, bank accounts and any other assets for the surviving spouse or dependent through an express trust.

3. Minimize estate administration costs such as inventory, accounting, appraisal and legal fees.

Action Steps
The best contacts and resources to help you get it done

Find professional advice from specialists in express living trusts to avoid probate court

Probate court takes time and money and an express trust allows the surviving spouse or co trustee to avoid probate entirely. Express living trusts are the cornerstone for people with non-taxable estates, so they save families both time and money during difficult times. Finding the right attorney that specializes in express trusts makes avoiding probate easy.

I recommend: Visit the American Bar Association Lawyer Locator section. To find an attorney near you, select the state you live in, and in the “Areas of Practice” section, click on “Trusts and Estates.” The American Academy of Estate Planning Attorneys has a similar function on its website and all members of the Academy specialize in a variety of trusts.

Create express trust documents with online tools and resources

Express trusts are relatively easy to produce with the right online tools and forms. Do it yourself trust forms are also a great resource when time is an issue and a trip to the attorney's office isn't possible.

I recommend: NACRS offers a CD-ROM that contains all the documents you need for an express trust. A charitable trust is a common form of an express trust, expect you trust your property to a purpose instead of a person. Thomson Tax & Accounting offers in-depth trust software that allows you to have a charitable trust with form 5227.

Work with an express trust expert for savings on estate administration costs

During life's most difficult moments, it's nice to know money isn't a big issue. An express living trust cuts down on administrative costs by putting the surviving trustees in charge of handling the estate. Use trusted experts in express trust work for the most comprehensive plans available.

I recommend: Abate & Abate, LLC has more than 30 years experience in estate planning. The firm is in Stamford, Connecticut. With offices in New Jersey, Pennsylvania and New York, Connell Foley LLP specializes in taxation and estate planning.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Find express trust information through an express trust expert. Check with your local senior center or your state chapter of the American Bar Association for attorneys who specialize in this area of law.
• •  Ask your estate planning attorney for an express trust list. This list helps walk you through the steps of preparing and finalizing your trust.
• •  Make sure your express trust contains all appropriate assets. This includes life insurance, certain deeds, banks accounts and investment accounts.