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A revocable trust will not protect your assets because your creditors can step into your shoes and revoke your trust. For example, assets titled to your revocable living trust are vulnerable to your present and future lawsuits.For lawsuit-proof wealth, you need an irrevocable trust or another protective entity.

When you set up a Living Trust, you fund the trust by transferring your assets from your name to the name of your Trust. Legally your Trust now owns all of your assets, but you manage all of the assets as the Trustee.

Locate the deed that's in trust. This is the warranty deed you originally moved into the trust. Use the proper deed. Check with your title insurance company and lender. Prepare a new deed. Sign in the presence of a notary. Record the deed in the county clerk's office.

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A living trust does not protect your assets from a lawsuit. Living trusts are revocable, meaning you remain in control of the assets and you are the legal owner until your death.

A trust can remain open for up to 21 years after the death of anyone living at the time the trust is created, but most trusts end when the trustor dies and the assets are distributed immediately.

Decide which kind of trust you want. For maximum flexibility, a revocable trust is best because you can adjust it as many times as you like while you're alive. In general, irrevocable trusts are best for those who have extensive assets, since these trusts offer greater tax benefits and asset protection.