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Living Trusts for Everyone: Why a Will Is Not the Way to Avoid Probate, Protect Heirs, and Settle Estates
Readers say it "Very informative." "Saved me a lot of money and headaches!" "Recommend it for everyone who has to plan estates for their elderly parents"Living Trusts for Everyone is the best resource for setting up a living trust. Explaining in specific terms what benefits a trust will have, Ronald Farrington Sharp gives the tools necessary to set up a loved one’s trust with no lawyers and no expense.Wills benefit lawyers. Trusts benefit the clients. Too often lawyers sell wills to clients only to sit back and wait to sell their probate services to their clients’ heirs. Ronald Farrington Sharp describes the best way to handle modern estate planning and details the many advantages trusts have over wills in not only eliminating probate but in also protecting your assets for your heirs. Sharp explains why legal services are not needed to do the clerical work in settling a trust after death. This updated edition includes new information on an array of subjects, of the federal estate tax for most estates due to increased exemption amountsOnline assetsThe use of passwords, usernames, and websitesKeeping trustees honest and the process of removing trustees for malfeasanceForms for simplifying the planning processStrategies to lower attorneys’ feesWith no legal jargon, just step-by-step instructions and sample form letters, Living Trusts for Everyone takes the mystery out of the process of setting up a trust.
189 pages, Kindle Edition
First published January 1, 2010
512 people are currently reading
464 people want to read
About the author
Ronald Farrington Sharp
9 books4 followersRonald Farrington Sharp has juggled three careers as an attorney, sculptor, and writer until his recent retirement from the law. He is the author of two consumer legal guides on divorce and estate planning and his sculptural work is in the collections of numerous major universities and public and private collections. He migrates with his wife, the artist Susannah Keith, from Ann Arbor, Michigan to Vero Beach Florida. No Regrets, No Remorse is the winner of the first annual Discover Mystery Award sponsored by Poisoned Pen Press.
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Displaying 1 - 30 of 39 reviews
May 20, 2015
I read this right after finishing J.K. Lasser’s recent estate planning book, so it makes it easy to compare. The Lasser book’s coverage of living trusts runs about a quarter of the book, with the rest of the book dealing with both more basic concepts (like basic retirement planning) and more advanced concepts (like charitable trusts). Concerning living trusts, Lasser goes deeper on the mechanisms of trusts, the rules and laws and how they fit into broader planning. Sharp seems to cover the material more practically, with a chapter devoted to checklists of actions to accomplish upon the death of a trust holder. The overlap on the topic of living trusts is pretty high, but both have additional info that makes them each valuable. I am glad I read both and would refer to “Living Trusts for Everyone” for the instructions on death and the form letters and instruction for filling the trust.
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May 30, 2025DNF. This trust lawyer is warning you that lawyers are untrustworthy but you can trust him that you need a trust.
xx-dnf-skim-reference
September 20, 2025I've read several, and am carefully skimming some more. The thing is, they each say a few things that the others don't... things that apply to me, and I have a very simple estate. This one does seem like a pretty good introduction for those new to thinking about the stuff.
Sharp emphasizes that a properly done trust means you'll not only avoid the expense and hassle of probate, but your trustee won't have to pay a lawyer to do clerical work after the fact. The trustee's job should not be too difficult, and there is some information about that here. (Sharp has written other books, some of which help that person more, and others have written more too.)
"In this book we are talking about fairly simple trusts, which the IRS refers to as "revocable grantor trusts" (what we normally call revocable living trust). Revocable just means changeable. The grantor is the person who owns the trust itself. Sometimes they call the grantor the settlor. But it's the same thing."
"Good [ethical] estate planners no longer use testamentary trusts. If one is recommended to you, be sure to ask why a revocable living trust is not being prepared instead. If your lawyer can't explain the costs and benefits of wills and trusts, then you have the wrong lawyer."
"Ask outright how many trusts the attorney has done in the past and how many he typically creates in a month. Ask him how many wills he makes. The wills should be only a small fraction of the trusts if you are talking to the right attorney."
"Everything does not have to go into the trust.... the trust only controls the assets it owns or that pass to it at the death of the grantor. Sometimes the grantor will leave a particular asset such as a bank account or insurance policy to a person outside the trust by way of beneficiary designation or joint ownership. This is often the case in a blended family where one spouse will leave an asset to his separate children, with the balance of the trust assets going to all of the children of both spouses. The general rule, though, is that all assets should either be in the name of the trust, passed to the trust at death, or pass to someone else at death. Nothing should have to be probated."
(In my case when I settle my mother's estate, it means that it's a good thing she has my name on her new bank account. With my son, that means that if we have everything joint, beneficiary, or POD/TOD, we should not actually need a trust after all. We will definitely ask the attorney we plan to hire though!)
"During your lifetime you are the trustee so you manage and control all trust assets. There is nothing you need to do as trustee that is too different from what you were doing before you had a trust. Operation of your trust is quite simple."
Remember, if there's a chance you'll have a substantial estate, while you're talking to your trustee and warning them what's to come, also tell them that they will need to create their own trust, if they haven't already, in order to pass on assets from your estate. This easily could happen if you save for long-term care and don't use it, and your beneficiary does the same.
This book is the first one that I noticed referred to a Trust Certificate. "This is a document containing a summary of certain parts of your trust language. It may also be called a certificate of trust existence, an abstract of trust, or another title, but the purpose is the same. It is requested by institutions to prove that the trustee has the authority, and the trust has the power, to conduct certain transactions. It may be used by a real estate title insurance company," or bank. " Unfortunately, title companies and banks will not accept the original trust certificate made when you created your trust if it is more than 30 days old. They will want a new document and sometimes may even want a copy of the entire trust. They do not need to see your entire trust. The only part they need is the sections namely the trustees and what powers the trustees have relating to transferring assets such as real estate commas.com or deposit accounts. I suggest asking them for a form that would have language acceptable to them and copy that attaching a photocopy of the relevant portions of your trust. Or have your attorney prepare a trust certificate for you. It shouldn't cost too much."
Now I'm confused here. Is the 'you' the grantor or the trustee? It makes a bit of sense if it's addressed to the trustee, but the book is addressed to the grantor, so, probably not. Yet, as a grantor, I'm probably not going to be in any shape to do this during my last 30 days of life. I'll have to do more research.
"Each state has a death tax separate from the federal tax. While only a few people will ever have to pay Federal Estate Tax based on the current rates, the state tax inheritance tax may have a much lower threshold. Ask your attorney about the law in your state, or do an Internet search for a general answer." Yikes. First time I've heard about that. This looks reliable for 2024: https://taxfoundation.org/data/all/st.... Fortunately it looks like neither my state nor my mother's home state have any, but I will ask the attorney. [Adding something I found online: "The estate of the deceased is responsible for estate taxes while the heirs of the deceased are responsible for inheritance taxes."]
"Half siblings share equally if there is no trust or will."
Evaluated and gleaned from, Sept 2025.
Sharp emphasizes that a properly done trust means you'll not only avoid the expense and hassle of probate, but your trustee won't have to pay a lawyer to do clerical work after the fact. The trustee's job should not be too difficult, and there is some information about that here. (Sharp has written other books, some of which help that person more, and others have written more too.)
"In this book we are talking about fairly simple trusts, which the IRS refers to as "revocable grantor trusts" (what we normally call revocable living trust). Revocable just means changeable. The grantor is the person who owns the trust itself. Sometimes they call the grantor the settlor. But it's the same thing."
"Good [ethical] estate planners no longer use testamentary trusts. If one is recommended to you, be sure to ask why a revocable living trust is not being prepared instead. If your lawyer can't explain the costs and benefits of wills and trusts, then you have the wrong lawyer."
"Ask outright how many trusts the attorney has done in the past and how many he typically creates in a month. Ask him how many wills he makes. The wills should be only a small fraction of the trusts if you are talking to the right attorney."
"Everything does not have to go into the trust.... the trust only controls the assets it owns or that pass to it at the death of the grantor. Sometimes the grantor will leave a particular asset such as a bank account or insurance policy to a person outside the trust by way of beneficiary designation or joint ownership. This is often the case in a blended family where one spouse will leave an asset to his separate children, with the balance of the trust assets going to all of the children of both spouses. The general rule, though, is that all assets should either be in the name of the trust, passed to the trust at death, or pass to someone else at death. Nothing should have to be probated."
(In my case when I settle my mother's estate, it means that it's a good thing she has my name on her new bank account. With my son, that means that if we have everything joint, beneficiary, or POD/TOD, we should not actually need a trust after all. We will definitely ask the attorney we plan to hire though!)
"During your lifetime you are the trustee so you manage and control all trust assets. There is nothing you need to do as trustee that is too different from what you were doing before you had a trust. Operation of your trust is quite simple."
Remember, if there's a chance you'll have a substantial estate, while you're talking to your trustee and warning them what's to come, also tell them that they will need to create their own trust, if they haven't already, in order to pass on assets from your estate. This easily could happen if you save for long-term care and don't use it, and your beneficiary does the same.
This book is the first one that I noticed referred to a Trust Certificate. "This is a document containing a summary of certain parts of your trust language. It may also be called a certificate of trust existence, an abstract of trust, or another title, but the purpose is the same. It is requested by institutions to prove that the trustee has the authority, and the trust has the power, to conduct certain transactions. It may be used by a real estate title insurance company," or bank. " Unfortunately, title companies and banks will not accept the original trust certificate made when you created your trust if it is more than 30 days old. They will want a new document and sometimes may even want a copy of the entire trust. They do not need to see your entire trust. The only part they need is the sections namely the trustees and what powers the trustees have relating to transferring assets such as real estate commas.com or deposit accounts. I suggest asking them for a form that would have language acceptable to them and copy that attaching a photocopy of the relevant portions of your trust. Or have your attorney prepare a trust certificate for you. It shouldn't cost too much."
Now I'm confused here. Is the 'you' the grantor or the trustee? It makes a bit of sense if it's addressed to the trustee, but the book is addressed to the grantor, so, probably not. Yet, as a grantor, I'm probably not going to be in any shape to do this during my last 30 days of life. I'll have to do more research.
"Each state has a death tax separate from the federal tax. While only a few people will ever have to pay Federal Estate Tax based on the current rates, the state tax inheritance tax may have a much lower threshold. Ask your attorney about the law in your state, or do an Internet search for a general answer." Yikes. First time I've heard about that. This looks reliable for 2024: https://taxfoundation.org/data/all/st.... Fortunately it looks like neither my state nor my mother's home state have any, but I will ask the attorney. [Adding something I found online: "The estate of the deceased is responsible for estate taxes while the heirs of the deceased are responsible for inheritance taxes."]
"Half siblings share equally if there is no trust or will."
Evaluated and gleaned from, Sept 2025.
January 10, 2024
Too much good info to absorb in one go. I'm going to read this one over and over!
January 21, 2015
Ok. Good explanation of trusts vs wills and why you would want one over the other (hint: he thinks most people benefit from a trust). The preface is a great 5 min summary for the whole book but it's a fast read. The appendixes, especially with the checklist for heirs to enact the trust and recover funds is valuable. There are also good tips on selecting a lawyer that will probably save some on money.
That said, I was hoping for a solution which would allow me to "do it myself" using available online forms. The author discourages this and provides good reasons why. However, a bit disappointing nonetheless.
Will probably work with a lawyer and then reread the book again.
That said, I was hoping for a solution which would allow me to "do it myself" using available online forms. The author discourages this and provides good reasons why. However, a bit disappointing nonetheless.
Will probably work with a lawyer and then reread the book again.
August 25, 2019
A short, worthwhile and informative book that everyone can benefit from.
Once set up properly, estate trusts are relatively easy to execute and significantly reduce probate costs that are attributed mostly to otherwise unavoidable and costly attorney fees. With trusts, and unlike with wills, many of these fees are preventable because the courts stay out of the estate.
The author also offers practical guidance on which administrative processes you can handle easily by yourself, without incurring unnecessary legal fees for menial secretarial work.
This book was an eye opener.
Once set up properly, estate trusts are relatively easy to execute and significantly reduce probate costs that are attributed mostly to otherwise unavoidable and costly attorney fees. With trusts, and unlike with wills, many of these fees are preventable because the courts stay out of the estate.
The author also offers practical guidance on which administrative processes you can handle easily by yourself, without incurring unnecessary legal fees for menial secretarial work.
This book was an eye opener.
July 29, 2021
I found this book to be super informative and helpful. Recognize that this isn’t going to teach you how to make your own trust and all the legal documents to set it up. Estate law is an entire field unto itself and one little book isn’t going to make you an expert. I did feel like it gave a very solid introduction, was a quick read, and most importantly, helps you know THE RIGHT QUESTIONS TO ASK. Highly recommended this book for anyone interested in a quick primer on trusts, looking to setup their estate plans, or will be helping loved ones/parents in their estate planning.
March 16, 2020
What a great read for the novice, like myself, to obtain a better understanding of wills and trusts. Written by a lawyer, the information is presented in a gradual way, each successive chapter building upon the previous one. Taken all together, the average person can have confidence in choosing how their assets should be held and distributed after their death. It was eye-opening for me; presenting options that I didn't know even existed.
July 28, 2021
Lots of useful information. I listened to this audio book. It is difficult to follow without being able to "read or see examples". I think I'll have to get the book so that I can mark information. The surprise take-away is that one must be extremely careful to avoid spending money to "train" an inexperienced attorney or to "avoid" attorneys who want to make money off you before AND after death.
October 10, 2021
Good information.
Needed the information to educate my older daughter in case something happen to me. On September 12,2021 she passed away from stage four cancer. I did not think that I would have to put her away. I thought that she would be around to take care of my remains. The information in the book was very helpful, but not for my daughter which I had planned. This is my third child that has died.
Needed the information to educate my older daughter in case something happen to me. On September 12,2021 she passed away from stage four cancer. I did not think that I would have to put her away. I thought that she would be around to take care of my remains. The information in the book was very helpful, but not for my daughter which I had planned. This is my third child that has died.
September 29, 2023
A pretty good and very approachable overview of revocable living trusts, how to set them up and fund them, and how to manage when a trust owner dies. There are several helpful appendixes with forms and FAQs. Most of all, this book helped me produce a list of questions for a prospective attorney to set up a trust for me and my spouse.
January 14, 2018
You need to read this book.
It doesn't matter how much you have in assets, they should be left the way you want them. This book describes the steps you need to take to prepare your trust, even if the legal paperwork is going to be drawn up by a lawyer.
It doesn't matter how much you have in assets, they should be left the way you want them. This book describes the steps you need to take to prepare your trust, even if the legal paperwork is going to be drawn up by a lawyer.
January 11, 2021
Great quick read
If you’re looking for something that will give you familiarity with trusts and what they can be used to accomplish for regular people then this book is for you. If you’re ultra wealthy and need a complex estate plan then this isn’t the book for you.
If you’re looking for something that will give you familiarity with trusts and what they can be used to accomplish for regular people then this book is for you. If you’re ultra wealthy and need a complex estate plan then this isn’t the book for you.
December 4, 2023
The living trust hook - "Living Trusts for Everyone". Mr. Sharp is about the only attorney that I have read from explains right at the beginning (4 reasons) why a family should consider a trust and not a will.
July 22, 2024
Man, I wish I could hire this author to do my estate planning! But he's retired and practiced in another state anyway. :-) He does a very good job of explaining things to a layperson--including the self-serving practices of some attorneys.
March 29, 2025
Excellent and I highly recommend this to anyone is thinking about creating a trust (or will), or anyone who already has these documents. Good clear explanations of the key terms and concepts are provided. This is a quick read - a page turner and was well worth my time investment.
July 4, 2017
I'm a big fan of end of life planning and this book covers it very well. Everyone should read it.
November 19, 2017
Written in clear, concise, readable English! Not a "do it yourself" book, but a explanation of why and how, including how to minimize your legal costs.
December 18, 2018
Very informative
I had read myriad of books pertaining to legal matters but this author keep my interest and straightforward . Very informative. Thank you
I had read myriad of books pertaining to legal matters but this author keep my interest and straightforward . Very informative. Thank you
March 11, 2019
This book clearly states the reasons to avoid a will at all costs, and why a trust is for everyone. Informative.
February 17, 2021
Should be required reading for everyone before preparing a will or trust. Explains all terms and suggests different strategies. I wish I'd read it earlier.
December 28, 2021
I learned a lot listening to the audiobook, but I might also want a print copy for reference while executing the process described.
December 30, 2021
Very good information. I feel more comfortable understanding wills vs trusts.
February 22, 2022
Good start
April 1, 2022
Needed to read it. Glad I did. Terrific overview makes one feel prepared before talking to an attorney.
November 3, 2022
Good book to read to start the understanding of Living Wills and Trusts.
June 30, 2023
The cover pretty much says it all. If you have a lot of stuff, put it in a trust so that lawyers don't get rich on behalf of you having to jump through government hoops (probate)
November 23, 2023
good advise, well organized. needs update to new tax laws, but this isn't a do it yourself book, so use a lawyer with trust experience...
February 9, 2024
Very helpful and insightful quick read. Will be returning to this book when we are ready to make our trust.
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February 27, 2024Gave me a couple things to learn and think about: ladybird deeds and applicability of a stepped up tax basis.
Displaying 1 - 30 of 39 reviews