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This Living Trust form is a living trust prepared for your state. It is for a husband and wife with no children. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.
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Trust Form Agreement Interesting Questions
A New Hampshire Trust is a type of trust established in the state of New Hampshire that provides several unique advantages to the settlor.
Setting up a New Hampshire Trust offers benefits such as asset protection, privacy, tax advantages, dynasty trust provisions, and flexibility in trust management.
Anyone, regardless of their place of residence or nationality, can establish a New Hampshire Trust.
A New Hampshire Trust offers asset protection by separating the trust assets from the settlor's personal assets, making it more difficult for creditors to reach the trust property.
With a New Hampshire Trust, the settlor's identity and the details of the trust's assets can remain private, as there is no requirement to publicly register or disclose this information.
Yes, a New Hampshire Trust allows for tax advantages such as no state income tax on trusts and no state estate tax on non-resident trusts.
Dynasty trust provisions in a New Hampshire Trust allow for the assets to pass down through multiple generations without incurring transfer taxes or being subject to the claims of creditors.
Yes, a New Hampshire Trust can be modified or revoked by the settlor as long as the trust document allows for it.
No, it is not required to have a trustee in New Hampshire for a New Hampshire Trust. However, having a local trustee can provide certain benefits.
The trustee is responsible for managing the trust assets, distributing income or principal as specified in the trust document, and ensuring compliance with legal obligations.
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