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This form is a living trust form prepared for your state. It is for a husband and wWife with one child. 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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Interesting Questions
A living trust is a legal document that allows you to transfer your assets into a trust during your lifetime, and specify how they should be managed and distributed upon your death.
Even if you don't have assets in Nevada, having a living trust can still be beneficial. It helps avoid probate, provides privacy, and allows for a smooth transfer of assets to beneficiaries.
A living trust allows you to maintain control over your assets while you're alive, plan for incapacity, avoid probate, and provide for the efficient distribution of your assets after your death.
No, a living trust is not just for the wealthy. It can be helpful for anyone who wants to have control over their assets and ensure a smooth transfer to their loved ones without the need for probate.
When you create a living trust, you transfer your assets into the trust, effectively removing them from your personal ownership. In case of your death, the assets held in the trust can pass to your beneficiaries without going through probate.
Yes, you can change or revoke your living trust at any time as long as you're mentally competent. You can amend the trust to include new assets or modify its provisions, or completely revoke it if you wish.
Without a living trust, your assets may have to go through probate, which can be time-consuming, expensive, and subject to public record. A living trust helps avoid these complications and provides for a smoother transition of your assets.
You can choose yourself as the trustee or appoint someone else (such as a family member, friend, or professional) to act as the trustee. Make sure the person you select is trustworthy and capable of managing your assets according to your wishes.
If you become incapacitated, the successor trustee appointed in your living trust takes over management of your assets, ensuring they are used for your benefit and well-being. This avoids the need for court-appointed guardianship or conservatorship.
Yes, you can include your non-Nevada assets in a Nevada living trust. However, it's advisable to consult with an attorney familiar with the laws of the jurisdictions where your assets are located to ensure proper legal compliance.
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