What is a Living Trust? |

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A Living Trust can be
revocable
or irrevocable. Most are revocable Living Trusts and are also referred to as a Family Trust. This is a legal document that holds title or ownership to your real property and assets. When you create a Living Trust you transfer ownership of your assets to the trust. Transferring assets is typically called "funding." When you transfer title you do not relinquish any control. You can still buy, sell, borrow or transfer. To many the Living Trust looks a lot like a will. It includes the details and instructions for how you want your estate to be handled at your death.
However, unlike a will a properly funded trust:
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Does not go through probate. |
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Prevents the courts from controlling your assets at incapacity. |
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Gives you control over the assets you leave to your minor children or grandchildren. |
If I put my property in a Living Trust do I lose control over it?
No. You will maintain every right and privilege over your property as you had before the revocable trust. You may put property into your trust or take it out of your trust at anytime.
Will an attorney prepare my Trust?
Absolutely. Mr. Roll, experienced estate planning attorney will confer with you to discuss your estate planning objectives and will prepare the documents.
Who are the parties to a trust?
a. The creator of the trust is the trustor or settlor.
b. The person who manages or administers the property in the trust is the trustee.
c. The beneficiary is the persons for whom the trust was created. In most cases, you may be all three at the beginning of the trust.
Can I change my trust?
Yes, as long as the trust is a revocable trust, you may make any changes to it unless there are restrictions placed by you on changes.
When I die will my trust become a public document?
No. A trust is a private document and is not made public at your death. A will becomes a public document which allows the world to know what your estate is and how it was divided.
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