Living Trusts FAQs
What is Living Trust?
A living trust allows you to gather together all of your significant property in one document. This is important if you want to make sure your property is distributed easily and quickly after your death. The trust, not you, owns the property. This doesn't mean that you no longer have control of your assets. Since you, the grantor, will usually appoint yourself as the trust’s initial trustee, you still have complete control of your property. You can do what you want with the property; you can even transfer property out of the trust or add property to it. Most importantly, a living trust allows you to provide for the quick and efficient distribution of your property to loved ones when you die.
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FAQ
- What is a living trust?
- Do I need to set up separate record keeping for the living trust?
- Can I transfer property in and out of the trust while I am alive?
- Do I need an attorney to form a living trust?
- Do I still need a will if I set up a living trust?
- Can I include property in my trust on which I still owe money?
- Does a living trust avoid estate taxes?
- Can a living trust protect my assets from being used to cover catastrophic medical costs?
- When should you update a living trust?
- Can I make a loan from my trust to a beneficiary?