What to Know Before Producing Online Wills and Trusts
A living trust is a legal document that places ownership and control of property into a trust, managed by a trustee for your benefit. It’s often used as part of estate planning and can be helpful in case of incapacity. Here’s what you need to know:
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Living Trust Basics:
- A grantor creates a living trust by executing a trust document.
- The grantor transfers ownership of property to the trust and appoints a trustee to manage it.
- You can choose to be the trustee (retaining control) or name a successor trustee.
- Beneficiaries are individuals (or entities) who inherit trust property after your death.
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Avoiding Probate:
- One major benefit of a living trust is avoiding probate court.
- Since assets in the trust are no longer technically yours, they don’t go through probate.
- Only items still in your name would be subject to probate.
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Transferring Assets:
- To activate the trust, transfer ownership of assets into it.
- For example, if you want your house in the trust, sign a new deed naming the trust as the owner.
- Properly transferring assets is crucial to avoid probate.
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Choosing a Trustee:
- Be cautious when selecting a trustee.
- Some states require professional management for trust validity.
- An inadequately written trust can cost your loved ones more money.
Remember, a living trust isn’t the same as a living will. While a living trust deals with property distribution, a living will outlines medical treatment preferences. If you’re considering a living trust, consult an estate planning attorney to ensure it’s legally enforceable and meets your needs. 📜🏠
Please take advantage of a free informational live webinar or a 1 on 1 private consultation (via Zoom call) that I have arranged for my readers with our preferred Estate Planning professionals. Click here to learn more about how you can avoid probate and register for the zoom call (information only). Use referral code Kevin Byrd Stockton Mobile Notary.
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