Convert To Pdf Legal West Virginia Trust Forms For Free

The main difference between wills and trusts is that wills take effect after you die, while trusts can take care of your assets while you're still alive. Trusts can avoid probate, the court process for distributing your property; wills, on the other hand, typically must go through probate.

How to Create a Living Trust in West Virginia Decide which type of trust is best for you. ... Assess your property. ... Name a trustee. ... Create the document. ... Sign the trust in front of a notary public. Fund the trust by transferring your assets into it.

One isn't necessarily better than the other, as they both have their advantages and disadvantages. While the revocable trust offers more flexibility, the irrevocable trust offers certain advantages such as creditor protection.

A trust is created when property is transferred by a written agreement, testamentary writing, or Court order. Before you can do that, you need to have the necessary documentation in place. Preferably not your name and/or surname, which would make it easy for creditors or SARS to track your trust.

Disadvantages of an Irrevocable Trust You will give up much more control over your financial affairs. Additional tax returns may need to be filed for the irrevocable trust, which can add cost and complexity. Irrevocable trusts may be more difficult to create and are nearly impossible to modify.

Irrevocable trusts are generally set up to minimize estate taxes, access government benefits, and protect assets. This is in contrast to a revocable trust, which allows the grantor to modify the trust, but loses certain benefits such as creditor protection.