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A living trust is a legal arrangement where a person's assets are placed into a trust during their lifetime and managed by a designated trustee. The trust's provisions dictate how assets are distributed upon the person's death.
Creating a living trust can still be beneficial, even if you have no assets in Wyoming. It allows you to have control over the distribution of your assets, avoid probate, and potentially save on estate taxes.
No, you do not need to be a Wyoming resident to create a living trust in Wyoming. You can establish a trust in any state, regardless of your residency.
If you create a living trust and subsequently acquire assets in Wyoming, you can add those assets to the trust. This process is called funding the trust, and it ensures those assets are included in the trust's distribution plan.
No, a living trust and a will are different legal documents. While both can dictate asset distribution after death, a living trust allows more control during your lifetime, avoids probate, and provides privacy.
Yes, you can be your own trustee of your living trust. It allows you to retain full control over your assets. However, you should also name a successor trustee who will step in if you become incapacitated or pass away.
If you become incapacitated, your living trust can specify a successor trustee who takes over the management of the trust assets on your behalf. This ensures your affairs are handled according to your wishes.
Yes, you can modify or revoke your living trust at any point during your lifetime. Simply follow the specific procedures outlined in the trust agreement and consult with an attorney if needed.
Living trusts provide privacy since they avoid probate. Unlike wills, which become public record, the terms of your living trust can remain confidential unless challenged in court.
Having a will as a backup is recommended even if you have a living trust. This is known as a pour-over will, which catches any assets not transferred to the trust and directs them to be distributed according to the trust's terms.
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