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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 legal arrangement where a person or entity (the trustee) holds and manages assets on behalf of beneficiaries, often for estate planning or asset protection purposes.
Establishing a trust in New Hampshire offers several benefits, including favorable tax laws, asset protection, confidentiality, flexibility in design, and potential avoidance of probate.
New Hampshire trust laws provide greater flexibility and asset protection compared to some other states. The state offers Dynasty Trusts, which can last for multiple generations without incurring certain transfer taxes.
A New Hampshire directed trust allows the grantor to appoint an independent advisor or trust protector, who can provide guidance to the trustee regarding investment decisions, distributions, and other trust matters.
Yes, New Hampshire does not have an income tax on individuals, and properly structured trusts can take advantage of this tax-friendly environment. However, it is advisable to consult with a tax professional for personalized advice.
A properly structured New Hampshire trust may provide asset protection benefits, shielding trust assets from creditors. However, it is important to consult with an attorney and consider specific trust laws and circumstances.
A revocable trust can be altered or revoked by the grantor during their lifetime, while an irrevocable trust cannot be easily changed or revoked without the consent of the beneficiaries.
The cost of creating a trust in New Hampshire can vary depending on factors such as the complexity of the trust, legal fees, and any ongoing administrative costs. It is best to consult with an attorney for an accurate estimate.
While it is possible to create a trust without an attorney, it is highly recommended to seek professional legal advice. An attorney specializing in trust and estate planning can ensure that the trust is properly drafted and complies with all relevant laws.
In some cases, it may be possible to move an existing trust to New Hampshire by taking advantage of the state's favorable trust laws. However, the process can be complex, and it is crucial to consult with an attorney experienced in trust migration.
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