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Estate Planning - Living Trust FAQ

What is a Trust? A Trust is a fictitious legal entity which owns assets for the benefit of a third person (beneficiary). A Living Trust is an effective way to provide lifetime and aftermath property management and estate planning. When you set up a Living Trust, you are the Grantor; anyone you name within the Trust who will benefit from the assets in the Trust is a Beneficiary. In addition to being the Grantor, you can also serve as your own Trustee (Original Trustee). As the Original Trustee, you can transfer legal ownership of your property to the Trust. This can save your estate from estate taxes when you die. Just remember that it does not alleviate your current income tax obligations.

What is an Irrevocable Trust? A trust created during the maker's lifetime that does not allow the maker to change it.

What is a Revocable Trust? A trust that can be amended and revoked, usually by the person who established the trust. This trust may become irrevocable and unamendable when the only person who can amend or revoke the trust dies or becomes incompetent.

Will a Living Trust avoid probate? Perhaps the biggest advantage of a living trust is that it does not have to go through probate, as does a will. However, there are other estate planning devices which avoid probate, such as a joint tenancy, a life insurance policy, an in-trust-for bank account (also known as a Totten Trust), and individual retirement, pension or Keogh accounts.

Can a Living Trust be Contested? Yes. A trust can be contested in a special proceeding. There is no blanket rule that a living trust cannot be contested.

How can U. S. Legal Forms™, Inc. assist me in my estate planning? U. S. Legal Forms™, Inc. provides a convenient Living Trust Completion Service for your estate planning needs. Simply provide the required information and U. S. Legal Forms™, Inc. will prepare your forms based on the information you submit.

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