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Interesting Questions
A living trust is a legal document created during a person's lifetime to manage their assets and provide instructions for their distribution after their death.
While it is not mandatory to hire a lawyer, it is highly recommended to consult with an attorney experienced in estate planning to ensure that your living trust is properly prepared and legally valid.
Creating a living trust offers several advantages, including avoiding probate, maintaining privacy, protecting assets, and providing flexibility in managing and distributing your estate.
A living trust allows your assets to pass directly to the beneficiaries specified in the trust, bypassing the probate process, which can be time-consuming, expensive, and public.
A living trust can include various assets such as real estate, bank accounts, investment accounts, vehicles, and personal belongings.
Yes, you can be the initial trustee of your own living trust and continue managing your assets as you did before creating the trust. You can also appoint a successor trustee to take over the management in the event of your incapacity or death.
If you fail to transfer assets into your living trust, those assets may still go through probate, defeating the purpose of creating the trust. It is crucial to properly fund the trust by transferring ownership of assets to it.
Yes, a living trust can be changed or revoked at any time while you are mentally competent. You can amend or revoke the trust by creating a written document reflecting your new wishes.
Yes, it is advisable to have a pour-over will to ensure that any assets not transferred to the living trust during your lifetime are still included and distributed according to your wishes.
Absolutely! A properly structured living trust provides continuity in managing your assets in case you become incapacitated, allowing your chosen successor trustee to step in without the need for court intervention.
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