Frequently Asked Questions
About a Living Trust
What is a Revocable Living Trust?
A Living Trust is a legal document used to plan and organize your estate. A Living Trust can be created when you transfer your property from your individual name to the name of your Trust. You simply re-title your major assets. For example, the deed to your house would be changed from Joe and Mary Smith to the Joe and Mary Smith family Trust. Control remains with you. By creating a Living Trust, you may save your loved ones thousands of dollars in probate costs and other fees, as well as unnecessary delays that can go on for months, even years. In addition, you can eliminate many of the emotional strains that can be caused by your death and the settling of your estate.
How Long Does it Take to Prepare a Living Trust?
Your Living Trust, Pour-Over Will and transfer documents can be prepared in two to three weeks. If needed, we can prepare your estate plan in less time.
Will an Attorney Prepare My Trust?
Absolutely, an experienced estate planning attorney will prepare your Trust and meet with you to discuss all documents.
Why Have an Attorney Prepare My Trust and Will?
An improperly prepared document can be disastrous to your estate and beneficiaries. The attorney will keep a notarized copy of all documents on file to protect you. An experienced attorney can give guidance to creating a Trust which will fit your specific wishes.
Does a Trust Make Sense for a Modest Estate?
As a general rule, if your estate is over $100,000, it will be probated with or without a Will upon your death. All families can enjoy the protection of a Living Trust through United Estate Planning, Inc., at an affordable price.
If I have a Trust, Do I Also Need a Will?
Yes. We will prepare a Pour-Over Will, which is designed to work with your Trust. All of your real estate and smaller assets, which you may have neglected to put into your Trust will be gathered up and "poured" over into your Trust, even after death.
Who are the Parties to the Living Trust?
A person who places his assets into the Trust - you!
A person who controls the assets of the Trust - you!
You are the beneficiary during your lifetime. Upon your death, your designated heirs are the beneficiaries (usually your children.)
The Successor Trustee(s)
A person(s) selected by you. This person, upon your demise, distributes the assets of the Trust to your beneficiaries, according to your instructions.
Advantages of A Living Trust
- Avoids All Probate and Related Costs, Both Financial and Emotional
- Reduces or Eliminates Estate Taxes
- Allows Quick Distribution of Assets to Beneficiaries
- Preserve Asset Management
- Very Hard to Contest
- Lets You Keep Control, Even at Disability, as Well as After Your Death
- Prevents a Conservatorship or Guardianship at Disability or Incompetency
- Minimize Emotional Stress on Your Family
- Prevents Unintentional Disinheriting
- Avoids Problems of Joint Ownership
- Inexpensive, Easy to Set Up and Maintain
- Completely Flexible-can Be Changed or Revoked at Any Time
- Can Protect Dependants With Specials Needs
- Protects Minor Children From Court Imposed Guardianship
- Makes an Effective Pre-nuptial Agreement
Contact us ....to learn about the benefits of a "Living Trust"....no obligation.