Will & Living trust
What is a will and what is living trust?
A trust is an arrangement under which one person, called a
trustee, holds legal title to property for another person, called a
beneficiary. You can be the trustee of your own living trust,
keeping full control over all property held in trust.
A "living trust" (also called an "inter vivos" trust by lawyers who
can't give up Latin) is simply a trust you create while you're alive,
rather than one that is created at your death under the terms of
your will.
Different kinds of living trusts can help you avoid probate, reduce
estate taxes or set up long-term property management.
What is probate?
Probate is a legal process that takes place after someone dies.
It includes:
proving in court that a deceased person's will is valid (usually a
routine matter)
identifying and inventorying the deceased person's property
having the property appraised
paying debts and taxes, and
distributing the remaining property as the will (or state law, if
there's no will) directs.
Typically, probate involves paperwork and court appearances by
lawyers. The lawyers and court fees are paid from estate
property, which would otherwise go to the people who inherit the
deceased person's property.
Probate usually works like this: After your death, the person you
named in your will as executor -- or, if you die without a will, the
person appointed by a judge -- files papers in the local probate
court. The executor proves the validity of your will and presents
the court with lists of your property, your debts, and who is to
inherit what you've left. Then, relatives and creditors are officially
notified of your death.
Your executor must find, secure and manage your assets during
the probate process, which commonly takes a few months to a
year. Depending on the contents of your will, and on the amount
of your debts, the executor may have to decide whether or not to
sell your real estate, securities or other property. For example, if
your will makes a number of cash bequests but your estate
consists mostly of valuable artwork, your collection might have to
be appraised and sold to produce cash. Or, if you have many
outstanding debts, your executor might have to sell some of your
property to pay them.
In most states, immediate family members may ask the court to
release short-term support funds while the probate proceedings
lumber on. Eventually, the court will grant your executor
permission to pay your debts and taxes and divide the rest
among the people or organizations named in your will. Finally,
your property will be transferred to its new owners.
What is a will and what is living trust?
A trust is an arrangement under which one person, called a
trustee, holds legal title to property for another person, called a
beneficiary. You can be the trustee of your own living trust,
keeping full control over all property held in trust.
A "living trust" (also called an "inter vivos" trust by lawyers who
can't give up Latin) is simply a trust you create while you're alive,
rather than one that is created at your death under the terms of
your will.
Different kinds of living trusts can help you avoid probate, reduce
estate taxes or set up long-term property management.
What is probate?
Probate is a legal process that takes place after someone dies.
It includes:
proving in court that a deceased person's will is valid (usually a
routine matter)
identifying and inventorying the deceased person's property
having the property appraised
paying debts and taxes, and
distributing the remaining property as the will (or state law, if
there's no will) directs.
Typically, probate involves paperwork and court appearances by
lawyers. The lawyers and court fees are paid from estate
property, which would otherwise go to the people who inherit the
deceased person's property.
Probate usually works like this: After your death, the person you
named in your will as executor -- or, if you die without a will, the
person appointed by a judge -- files papers in the local probate
court. The executor proves the validity of your will and presents
the court with lists of your property, your debts, and who is to
inherit what you've left. Then, relatives and creditors are officially
notified of your death.
Your executor must find, secure and manage your assets during
the probate process, which commonly takes a few months to a
year. Depending on the contents of your will, and on the amount
of your debts, the executor may have to decide whether or not to
sell your real estate, securities or other property. For example, if
your will makes a number of cash bequests but your estate
consists mostly of valuable artwork, your collection might have to
be appraised and sold to produce cash. Or, if you have many
outstanding debts, your executor might have to sell some of your
property to pay them.
In most states, immediate family members may ask the court to
release short-term support funds while the probate proceedings
lumber on. Eventually, the court will grant your executor
permission to pay your debts and taxes and divide the rest
among the people or organizations named in your will. Finally,
your property will be transferred to its new owners.
| If I make a living trust, do I still need a will? Yes, you do -- and here's why: A will is an essential back-up device for property that you don't transfer to yourself as trustee. For example, if you acquire property shortly before you die, you may not think to transfer ownership of it to your trust -- which means that it won't pass under the terms of the trust document. But in your back-up will, you can include a clause that names someone to get any property that you haven't left to a particular person or entity. If you don't have a will, any property that isn't transferred by your living trust or other probate-avoidance device (such as joint tenancy) will go to your closest relatives in an order determined by state law. These laws may not distribute property in the way you would have chosen. ----------------------------------------------- v Terminology used in wills bequest is a gift of in the form of a stated amount of money. A codicil is an amendment to a will. A demonstrative legacy is a gift from a specific bank account, or a specified set of savings bonds, stocks certificates, or other bonds. A devise is special gift of real property in a will. A devisee is a person who receives a devise. Intestate means without a will; this is often seen in the phrase "to die intestate". A legacy is a gift. A legatee is a person who receives a legacy. Testate means with a will. The testator is a person who executes a will; that is, the person whose will it is. -------------------------------------- What happens if I die without a will? If you don't make a will or use some other legal method to transfer your property when you die, state law will determine what happens to your property. Generally, it will go to your spouse and children or, if you have neither, to your other closest relatives. If no relatives can be found to inherit your property, it will go to the state. In addition, in the absence of a will, a court will determine who will care for your young children and their property if the other parent is unavailable or unfit. If you are part of an unmarried same-sex couple, your surviving partner will not inherit anything unless you live in one of the few states that allows registered domestic partners to inherit. Can I use my will to name a guardian to care for my young children and manage their property? Yes. If both parents of a child die or become otherwise unable to care for a minor child, another adult -- called a "personal guardian" -- must step in. The personal guardian will be responsible for raising your children until they become legal adults. You and the child's other parent can use your wills to nominate someone to fill this position. To avert conflicts, you should both name the same person. You can choose that same guardian to manage property that you leave to your minor children or you can name someone different. You can name a "property guardian," a "custodian", or a "trustee" to manage the property: Name a property guardian. You can simply name a property guardian to manage whatever property the child inherits, if there's no other mechanism (a trust, for example) to handle it. The guardian will manage the property until the child reaches the age of 18. Name a custodian under the Uniform Transfers to Minors Act (UTMA). In every state except South Carolina and Vermont, you can choose a custodian to manage property you are leaving to a child. The custodian will step in to manage the property until the child reaches the age specified by your state's law -- 18 in a few states, 21 in most, 25 in several others. Set up a trust for each child. You can use your will to create a trust for any property the child inherits and to name a trustee to handle the trust property until the child reaches the age you specify. |
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| What kinds of trusts are there? There are two basic types of trusts: living trusts and testamentary trusts. A living trust or an "inter-vivos" trust is set up during the person's lifetime. A Testamentary trust is set up in a will and established only after the person's death when the will goes into effect. Living trusts can be either "revocable" or "irrevocable." Revocable trusts allow you to retain control of all the assets in the trust, and you are free to revoke or change the terms of the trust at any time. With irrevocable trusts, the assets in it are no longer yours, and typically you can't make changes without the beneficiary's consent. But the appreciated assets in the trust aren't subject to estate taxes. There are many more complicated types of trusts, too, that apply to specific situations. Some include: Credit shelter trusts: With a credit-shelter trust (also called a bypass or family trust), you write a will bequeathing an amount to the trust up to but not exceeding the estate-tax exemption. Then you pass the rest of your estate to your spouse tax-free. And there's an added bonus: Once money is placed in a bypass trust, it is forever free of estate tax, even if it grows. Generation-skipping trusts: A generation-skipping trust (also called a dynasty trust) allows you to transfer a substantial amount of money tax-free to beneficiaries who are at least two generations your junior - typically your grandchildren. Qualified personal residence trusts: A qualified personal residence trust can remove the value of your home or vacation dwelling from your estate and is particularly useful if your home is likely to appreciate in value. Irrevocable life insurance trusts: An irrevocable life insurance trust can remove your life insurance from your taxable estate, help pay estate costs, and provide your heirs with cash for a variety of purposes. To remove the policy from your estate, you surrender ownership rights, which means you may no longer borrow against it or change beneficiaries. In return, the proceeds from the policy may be used to pay any estate costs after you die and provide your beneficiaries with tax-free income. Qualified terminable interest property trusts: If you're part of a family in which there have been divorces, remarriages, and stepchildren, you may want to direct your assets to particular relatives through a qualified terminable interest property trust. Your surviving spouse will receive income from the trust, and the beneficiaries you specify (e.g., your children from a first marriage) will get the principal or remainder after your spouse dies. -------------- What's the difference between a trust and a will? A trust does not replace a will. Most trusts deal only with specific assets, such as life insurance or a piece of property, while a will governs distribution of nearly everything else in your estate. |
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How does a living trust avoid probate?
Property you transfer into a living trust before your death doesn't go
through probate. The successor trustee -- the person you appoint to
handle the trust after your death -- simply transfers ownership to the
beneficiaries you named in the trust. In many cases, the whole process
takes only a few weeks, and there are no lawyer or court fees to pay.
When all of the property has been transferred to the beneficiaries, the
living trust ceases to exist.
Is it expensive to create a living trust?
A basic living trust isn't much more complicated than a will, and you
probably won't need to hire a lawyer. With a good self-help book or
software program, you can create a valid Declaration of Trust (the
document that creates a trust) yourself. If you run into questions that a
self-help publication doesn't answer, you may need to consult a lawyer, but
you probably won't need to turn the whole job over to an expensive expert.
Lawyers commonly charge upwards of $1,000 to draw up a simple trust. If
you're going to hire a lawyer to draw up your living trust, you might pay as
much now as your heirs would have to pay for probate after your death --
which means the trust offers no net savings.
Does a living trust protect property from creditors?
No. A creditor who wins a lawsuit against you can go after the trust
property just as if you still owned it in your own name.
Generally, after your death, all property you owned -- including assets held
in a living trust -- is subject to your lawful debts. For example, if your house
is held in trust and passes to your children at your death, a creditor could
demand that they pay the debt, up to the value of the house.
Ownership of real estate is always a matter of public record, so creditors
can always find out who inherited real estate. It can be more difficult for
creditors to know who inherits other property, however (because a trust
document, unlike a will, is not a matter of public record), and they may not
bother tracking it down.
On the other hand, probate can also offer a kind of protection from
creditors. During probate, known creditors must be notified of the death
and given a chance to file claims. If they miss the deadline to file, they're
out of luck forever.
Property you transfer into a living trust before your death doesn't go
through probate. The successor trustee -- the person you appoint to
handle the trust after your death -- simply transfers ownership to the
beneficiaries you named in the trust. In many cases, the whole process
takes only a few weeks, and there are no lawyer or court fees to pay.
When all of the property has been transferred to the beneficiaries, the
living trust ceases to exist.
Is it expensive to create a living trust?
A basic living trust isn't much more complicated than a will, and you
probably won't need to hire a lawyer. With a good self-help book or
software program, you can create a valid Declaration of Trust (the
document that creates a trust) yourself. If you run into questions that a
self-help publication doesn't answer, you may need to consult a lawyer, but
you probably won't need to turn the whole job over to an expensive expert.
Lawyers commonly charge upwards of $1,000 to draw up a simple trust. If
you're going to hire a lawyer to draw up your living trust, you might pay as
much now as your heirs would have to pay for probate after your death --
which means the trust offers no net savings.
Does a living trust protect property from creditors?
No. A creditor who wins a lawsuit against you can go after the trust
property just as if you still owned it in your own name.
Generally, after your death, all property you owned -- including assets held
in a living trust -- is subject to your lawful debts. For example, if your house
is held in trust and passes to your children at your death, a creditor could
demand that they pay the debt, up to the value of the house.
Ownership of real estate is always a matter of public record, so creditors
can always find out who inherited real estate. It can be more difficult for
creditors to know who inherits other property, however (because a trust
document, unlike a will, is not a matter of public record), and they may not
bother tracking it down.
On the other hand, probate can also offer a kind of protection from
creditors. During probate, known creditors must be notified of the death
and given a chance to file claims. If they miss the deadline to file, they're
out of luck forever.
| Making a Will Why You Need a Will A will is a legal document designating the transfer of your property and assets after you die. Although creating a will is not a difficult process, about half of all Americans die without one. If you die without a will, or intestate, the court steps in and distributes your property according to the laws of your state, which may or may not coincide with your wishes. If you have no apparent heirs and die without a will, it's even possible the state will claim your estate. Remember, wills are not just for the rich; your will ensures that whatever your assets, they will go to family members or other beneficiaries you designate. Probate is a legal term, which means to "prove" a will. During probate, the court determines that your signed will is a genuine statement of how you want your estate to be distributed. Depending upon the state in which you reside, the probate process may take a few days or it may take many months, and depending upon the complexity of the will, it can be an expensive process. Careful planning can help stream line or avoid the probate process. For example, life insurance does not have to go through probate and can be disbursed directly to your beneficiaries. A qualified financial planner or estate attorney can help you determine what's appropriate for your specific situation. Each state has specific requirements, but in general, a will can be written by any person over the age of 18 who is mentally capable - commonly stated as "being of sound mind and memory." Although it may seem like something you can do yourself, it may be best to consult an attorney for help when creating a will, especially if: You expect to owe estate tax at your death (see "How Estates are Taxed"). You foresee any disagreement among your heirs or beneficiaries. You have children from more than one marriage, or a blended family. You own property in another state. You want to establish a trust (see "Minimizing Estate Taxes"). To be valid, a will must comply with the laws of the state in which you live. Only about half the states recognize "homemade" wills. State law may stipulate that you use specific language, sign the will in a particular way, and/or have a certain number of witnesses of a certain age present when you sign. Bear in mind that having a will is especially important if you have young children because it gives you the opportunity to designate a guardian for them in the event of your death. Without a will, the court will appoint a guardian. |
Elements of a Will
Basic elements of a will include:
Your name and place of residence.
A brief description of your assets.
Names of spouse, children, and other beneficiaries, such as charities or
friends.
Alternate beneficiaries, in the event a beneficiary dies before you do.
Specific gifts, such as an auto, residence, or family heirlooms.
Establishment of trusts, if desired.
Cancellation of debts owed to you, if desired.
Name of an executor to manage the estate.
Name of a guardian for any minor children.
Name of an alternative guardian, in the event your first choice is unable or
unwilling to act.
Your signature.
Witnesses' signatures.
Probably the most important considerations when making your will are
naming a guardian for your minor children and naming an executor.
Naming a Guardian
If you die while your children are still minors or you have children who
cannot care for themselves in adulthood, you'll want them to have the best
possible care in your absence.
Making a will gives you the opportunity to select the person you believe can
provide that care. The guardian you choose should be over 18. Before
naming a guardian, talk to the person you'd like to name to make sure they
are willing to assume the responsibility. Name an alternate guardian as
well, who can take over if the primary guardians unable or unwilling to fulfill
the responsibility.
This is especially important if your children are young or will require
life-long care. If you do not name a guardian to care for your children, a
judge will appoint one, and it may not be someone you would have chosen.
Basic elements of a will include:
Your name and place of residence.
A brief description of your assets.
Names of spouse, children, and other beneficiaries, such as charities or
friends.
Alternate beneficiaries, in the event a beneficiary dies before you do.
Specific gifts, such as an auto, residence, or family heirlooms.
Establishment of trusts, if desired.
Cancellation of debts owed to you, if desired.
Name of an executor to manage the estate.
Name of a guardian for any minor children.
Name of an alternative guardian, in the event your first choice is unable or
unwilling to act.
Your signature.
Witnesses' signatures.
Probably the most important considerations when making your will are
naming a guardian for your minor children and naming an executor.
Naming a Guardian
If you die while your children are still minors or you have children who
cannot care for themselves in adulthood, you'll want them to have the best
possible care in your absence.
Making a will gives you the opportunity to select the person you believe can
provide that care. The guardian you choose should be over 18. Before
naming a guardian, talk to the person you'd like to name to make sure they
are willing to assume the responsibility. Name an alternate guardian as
well, who can take over if the primary guardians unable or unwilling to fulfill
the responsibility.
This is especially important if your children are young or will require
life-long care. If you do not name a guardian to care for your children, a
judge will appoint one, and it may not be someone you would have chosen.
LIVING WILL AND LIVING TRUST
This web site is designed to save you time and money by walking you through the basics of estate planning and the
associated tax issues. Our site is organized by how the information is presented and then by estate planning topic.
This web site is designed to save you time and money by walking you through the basics of estate planning and the
associated tax issues. Our site is organized by how the information is presented and then by estate planning topic.
Understanding Living Trusts®
How You Can Avoid Probate, Save Taxes and More
What is probate?
Probate is the legal process through which the court sees that, when you die, your debts are paid and your assets are distributed
according to your will. If you don't have a valid will, your assets are distributed according to state law.
How You Can Avoid Probate, Save Taxes and More
What is probate?
Probate is the legal process through which the court sees that, when you die, your debts are paid and your assets are distributed
according to your will. If you don't have a valid will, your assets are distributed according to state law.
Who should have a living trust?
Age, marital status and wealth don't really matter. If you own titled assets
and want your loved ones (spouse, children or parents) to avoid court
interference at your death or incapacity, you should probably have a living
trust. You may also want to encourage other family members to have one
so you won't have to deal with the courts at their incapacity or death.
Is a "living will" the same as a living trust?
No. A living trust is for financial affairs. A living will is for medical affairs; it
lets others know how you feel about life support in terminal sit
If I have a living trust, do I still need a will?
Yes, you need a "pour-over" will that acts as a safety net if you forget to
transfer an asset to your trust. When you die, the will "catches" the
forgotten asset and sends it into your trust. The asset may have to go
through probate first, but it can then be distributed as part of your overall
living trust plan. Also, if you have minor children, a guardian will need to be
named in the will.
Doesn't a trust in a will do the same thing?
Not quite. A will can contain wording to create a testamentary trust to save
estate taxes, care for minors, etc. But, because it's part of your will, this
trust cannot go into effect until after you die and the will is probated. So it
does not avoid probate and provides no protection at incapacity.
Age, marital status and wealth don't really matter. If you own titled assets
and want your loved ones (spouse, children or parents) to avoid court
interference at your death or incapacity, you should probably have a living
trust. You may also want to encourage other family members to have one
so you won't have to deal with the courts at their incapacity or death.
Is a "living will" the same as a living trust?
No. A living trust is for financial affairs. A living will is for medical affairs; it
lets others know how you feel about life support in terminal sit
If I have a living trust, do I still need a will?
Yes, you need a "pour-over" will that acts as a safety net if you forget to
transfer an asset to your trust. When you die, the will "catches" the
forgotten asset and sends it into your trust. The asset may have to go
through probate first, but it can then be distributed as part of your overall
living trust plan. Also, if you have minor children, a guardian will need to be
named in the will.
Doesn't a trust in a will do the same thing?
Not quite. A will can contain wording to create a testamentary trust to save
estate taxes, care for minors, etc. But, because it's part of your will, this
trust cannot go into effect until after you die and the will is probated. So it
does not avoid probate and provides no protection at incapacity.
What does a successor trustee do?
If you become incapacitated, your successor trustee looks after your care
and manages your financial affairs for as long as needed, using your
assets to pay your expenses. If you recover, you resume control. When
you die, your successor trustee pays your debts, files your tax returns
and distributes your assets. All can be done quickly and privately,
according to instructions in your trust, without court interference.
Should I consider a corporate trustee?
You may decide to be the trustee of your trust. However, some people
select a corporate trustee (bank or trust company) to act as trustee or
co-trustee now, especially if they don't have the time, ability or desire to
manage their trusts, or if one or both spouses are ill. Corporate trustees
are experienced investment managers, they are objective and reliable,
and their fees are usually very reasonable.
Do I lose control of the assets in my trust?
Absolutely not. You keep full control. As trustee of your trust, you can do
anything you could do before -- buy and sell assets, change or even cancel
your trust. That's why it's called a revocable living trust. You even file the
same tax returns. Nothing changes but the names on the titles.
If you become incapacitated, your successor trustee looks after your care
and manages your financial affairs for as long as needed, using your
assets to pay your expenses. If you recover, you resume control. When
you die, your successor trustee pays your debts, files your tax returns
and distributes your assets. All can be done quickly and privately,
according to instructions in your trust, without court interference.
Should I consider a corporate trustee?
You may decide to be the trustee of your trust. However, some people
select a corporate trustee (bank or trust company) to act as trustee or
co-trustee now, especially if they don't have the time, ability or desire to
manage their trusts, or if one or both spouses are ill. Corporate trustees
are experienced investment managers, they are objective and reliable,
and their fees are usually very reasonable.
Do I lose control of the assets in my trust?
Absolutely not. You keep full control. As trustee of your trust, you can do
anything you could do before -- buy and sell assets, change or even cancel
your trust. That's why it's called a revocable living trust. You even file the
same tax returns. Nothing changes but the names on the titles.
What is an Estate Plan?
An Estate Plan Is simply a name for the process of transferring property and assets from
one generation to another. Your Estate is the total property and assets including financial,
retirement accounts and insurance policies owned prior to distribution through a will or
trust.
Who is an Estate Plan for?
An Estate Plan is for everyone. Many people assume that Estate Planning is only for the rich,
but this is a big misconception. There are no minimum asset requirements. Many people do
not think that they have enough assets to justify estate planning, but if they have any
property or assets, there are estate planning concerns. Additionally, if there are any
children under the age of eighteen (18), there are definite estate planning concerns. Who
will raise those children? Who will manage any cash or assets the children might inherit?
Why Should I do my Estate Planning Now?
Most people put off estate planning because it involves more than listing what assets are
owned and who is to receive those assets when someone passes away. Estate planning
involves attitudes and feelings about death, property ownership, business arrangements,
marriage and family relationships.
Adult children will often put off talking with their parents about their estate because they do
not want to appear greedy, or because they cannot imagine a time without their parents.
Parents may also avoid talking to their adult children about estate planning because they do
not want to hurt feelings, or they truly are not aware of all the options that are available to
them.
Although it may be uncomfortable talking about these things, it is worth spending some time
and money to avoid the confusion, delay, expense and quarreling that is almost sure to
occur if someone dies without a plan. If a plan is not made, state law will decide what
happens to the estate, regardless what the deceased may have intended.
When Should I Start?
The best time to start estate planning is NOW before it is too late! With estate planning there
is no second chance. No one likes to think about their own mortality or the possibility of
becoming incapacitated. That is exactly why so many families are caught off guard and
unprepared when incapacity or death strikes. If there are assets, including bank accounts,
brokerage accounts, life insurance, retirement accounts, children, or equity in your home,
now is the time to start planning.
An Estate Plan Is simply a name for the process of transferring property and assets from
one generation to another. Your Estate is the total property and assets including financial,
retirement accounts and insurance policies owned prior to distribution through a will or
trust.
Who is an Estate Plan for?
An Estate Plan is for everyone. Many people assume that Estate Planning is only for the rich,
but this is a big misconception. There are no minimum asset requirements. Many people do
not think that they have enough assets to justify estate planning, but if they have any
property or assets, there are estate planning concerns. Additionally, if there are any
children under the age of eighteen (18), there are definite estate planning concerns. Who
will raise those children? Who will manage any cash or assets the children might inherit?
Why Should I do my Estate Planning Now?
Most people put off estate planning because it involves more than listing what assets are
owned and who is to receive those assets when someone passes away. Estate planning
involves attitudes and feelings about death, property ownership, business arrangements,
marriage and family relationships.
Adult children will often put off talking with their parents about their estate because they do
not want to appear greedy, or because they cannot imagine a time without their parents.
Parents may also avoid talking to their adult children about estate planning because they do
not want to hurt feelings, or they truly are not aware of all the options that are available to
them.
Although it may be uncomfortable talking about these things, it is worth spending some time
and money to avoid the confusion, delay, expense and quarreling that is almost sure to
occur if someone dies without a plan. If a plan is not made, state law will decide what
happens to the estate, regardless what the deceased may have intended.
When Should I Start?
The best time to start estate planning is NOW before it is too late! With estate planning there
is no second chance. No one likes to think about their own mortality or the possibility of
becoming incapacitated. That is exactly why so many families are caught off guard and
unprepared when incapacity or death strikes. If there are assets, including bank accounts,
brokerage accounts, life insurance, retirement accounts, children, or equity in your home,
now is the time to start planning.
Living Trust // The best gift, You Can Give To The Ones You Love.
few advantages of a Living Trust:
NO PROBATE: Probably the biggest potential advantage of a living trust is that it may be used to keep your estate out of
probate. And keeping your assets out of probate will likely save your heirs time and money. However, this is only true for
assets that are actually transferred (funded) to the trust during your life.
Perception is it will cost more up front to have a living trust prepared than a simple will. The savings are on the back end. We
charge $795.00 for these estate plan documents. The real savings that a living trust potentially offers is when the living trust
is funded during your lifetime and thus its assets avoid probate.
Asset Management Upon Incapacity: A living trust offers all of us a nice option, to avoid a guardianship proceeding, in case
we become incapacitated and unable to manage our assets.
Privacy: One of the often overlooked advantages of a living trust is that it offers some privacy advantages. Essentially, a
living trust is a tool that can be used to make it more difficult for disgruntled heirs and creditors of you or your beneficiaries
to challenge the distribution of your assets.
Flexibility: One of the most important advantages of a living trust is that it is far more flexible than a normal testamentary
trust. The reason is that a testamentary trust is created by a will. It is normally part of the will. So, if you want to change it,
you have to re-write the will as well. And any time you execute a new will, you have to go through all the formalities required
to make a will valid. A living trust, in contrast, is a separate document you are can amend at any time. There are very few
formalities required to amend your living trust.
Underestimated advantages: Of a living trust is that it gives you the opportunity to begin to implement your estate plan –
BEFORE YOU DIE. You can move assets into your living trust and see your estate plan begin to work. You can see how your
executor performs and get some idea if your distribution choices are the best.
Maybe you will find that one of your intended beneficiaries needs more or less income than you thought. Maybe it turns out
that your son / daughter is not the best person to give the family business to. Or, you might change your mind about who
should be the trustee of the trust.
A living trust offers you the chance to find some of those things out and make changes to your estate plan—before it's too
late. Also, it's nice to know that your living trust is the same trust that will carry on your life's work – even after you are no
longer around. This is a fundamental difference from a testamentary trust that does not come into being until after you die.
Disinherit Relative: As you can imagine, this is a controversial and complex issue. Essentially, most states have "elective
share" rules that give certain of your relatives "elective share" rights. Spouses normally have such rights, and sometimes,
children may also.
The issue usually comes up in blended family situations with step-children to consider, etc. Sometimes, different members
of the extended family will not agree with your choices as to how your estate gets distributed after your death. In these
situations, the likelihood of litigation over your estate is increased. The privacy of a living trust make sure your desires will
be accomplished.
Divorce / Single: The Trust works in the same manner for a single person as for a married couple. A Living Trust is
meaningful for all individuals regardless of whether they are single, widowed, married, or even domestic partners
concerned about how to hold title to joint assets. The Living Trust has just as much importance for a single person --
especially for widows and widowers -- as it does for a married person.
few advantages of a Living Trust:
NO PROBATE: Probably the biggest potential advantage of a living trust is that it may be used to keep your estate out of
probate. And keeping your assets out of probate will likely save your heirs time and money. However, this is only true for
assets that are actually transferred (funded) to the trust during your life.
Perception is it will cost more up front to have a living trust prepared than a simple will. The savings are on the back end. We
charge $795.00 for these estate plan documents. The real savings that a living trust potentially offers is when the living trust
is funded during your lifetime and thus its assets avoid probate.
Asset Management Upon Incapacity: A living trust offers all of us a nice option, to avoid a guardianship proceeding, in case
we become incapacitated and unable to manage our assets.
Privacy: One of the often overlooked advantages of a living trust is that it offers some privacy advantages. Essentially, a
living trust is a tool that can be used to make it more difficult for disgruntled heirs and creditors of you or your beneficiaries
to challenge the distribution of your assets.
Flexibility: One of the most important advantages of a living trust is that it is far more flexible than a normal testamentary
trust. The reason is that a testamentary trust is created by a will. It is normally part of the will. So, if you want to change it,
you have to re-write the will as well. And any time you execute a new will, you have to go through all the formalities required
to make a will valid. A living trust, in contrast, is a separate document you are can amend at any time. There are very few
formalities required to amend your living trust.
Underestimated advantages: Of a living trust is that it gives you the opportunity to begin to implement your estate plan –
BEFORE YOU DIE. You can move assets into your living trust and see your estate plan begin to work. You can see how your
executor performs and get some idea if your distribution choices are the best.
Maybe you will find that one of your intended beneficiaries needs more or less income than you thought. Maybe it turns out
that your son / daughter is not the best person to give the family business to. Or, you might change your mind about who
should be the trustee of the trust.
A living trust offers you the chance to find some of those things out and make changes to your estate plan—before it's too
late. Also, it's nice to know that your living trust is the same trust that will carry on your life's work – even after you are no
longer around. This is a fundamental difference from a testamentary trust that does not come into being until after you die.
Disinherit Relative: As you can imagine, this is a controversial and complex issue. Essentially, most states have "elective
share" rules that give certain of your relatives "elective share" rights. Spouses normally have such rights, and sometimes,
children may also.
The issue usually comes up in blended family situations with step-children to consider, etc. Sometimes, different members
of the extended family will not agree with your choices as to how your estate gets distributed after your death. In these
situations, the likelihood of litigation over your estate is increased. The privacy of a living trust make sure your desires will
be accomplished.
Divorce / Single: The Trust works in the same manner for a single person as for a married couple. A Living Trust is
meaningful for all individuals regardless of whether they are single, widowed, married, or even domestic partners
concerned about how to hold title to joint assets. The Living Trust has just as much importance for a single person --
especially for widows and widowers -- as it does for a married person.
Revocable vs Irrevocable
Most trusts automatically convert to an irrevocable trust upon the grantor’s death, but a living person can also create an
irrevocable trust. What makes a trust irrevocable is that changes cannot be changed. A joint revocable trust or a trust with
multiple beneficiaries is split into multiple irrevocable trusts when the trust maker passes away.
If an irrevocable trust can’t be changed, why would someone choose to have one? When it comes to revocable trusts,
creditors can seize the owner’s property. Not only that, the assets will still be subject to estate taxes. Placing the assets in
an irrevocable trust keeps them from being taxed when the trust maker dies. Beneficiaries don’t have to worry about
coming up with the money to pay estate taxes.
Assets in an irrevocable trust are also protected from creditor lawsuits. Fortunately, beneficiaries can still access the
assets if necessary. In some states, even the trust maker can be a beneficiary.
Though, by design, an irrevocable trust can’t be changed, there are certain exceptions that allow beneficiaries or the trustee
to modify the trust. For example, an estate plan might include a trust protector who can look over the trust details to make
changes. Also, if the assets in a trust are sold, the trust is terminated.
Most trusts automatically convert to an irrevocable trust upon the grantor’s death, but a living person can also create an
irrevocable trust. What makes a trust irrevocable is that changes cannot be changed. A joint revocable trust or a trust with
multiple beneficiaries is split into multiple irrevocable trusts when the trust maker passes away.
If an irrevocable trust can’t be changed, why would someone choose to have one? When it comes to revocable trusts,
creditors can seize the owner’s property. Not only that, the assets will still be subject to estate taxes. Placing the assets in
an irrevocable trust keeps them from being taxed when the trust maker dies. Beneficiaries don’t have to worry about
coming up with the money to pay estate taxes.
Assets in an irrevocable trust are also protected from creditor lawsuits. Fortunately, beneficiaries can still access the
assets if necessary. In some states, even the trust maker can be a beneficiary.
Though, by design, an irrevocable trust can’t be changed, there are certain exceptions that allow beneficiaries or the trustee
to modify the trust. For example, an estate plan might include a trust protector who can look over the trust details to make
changes. Also, if the assets in a trust are sold, the trust is terminated.
What is a Living Trust?
A living trust, also known as a Revocable Living Trust or a Family Trust is a legal document that holds title or ownership to your real property and assets. When you
create a Revocable Living Trust you transfer ownership of your assets to the trust. Transferring assets is typically called "funding."
When you transfer title you DO NOT relinquish any control. You can still buy, sell, borrow or transfer.
To many the living trust looks a lot like a will. It includes the details and instructions for how you want your estate to be handled at your death. However, unlike a will a
properly funded trust:
A living trust, also known as a Revocable Living Trust or a Family Trust is a legal document that holds title or ownership to your real property and assets. When you
create a Revocable Living Trust you transfer ownership of your assets to the trust. Transferring assets is typically called "funding."
When you transfer title you DO NOT relinquish any control. You can still buy, sell, borrow or transfer.
To many the living trust looks a lot like a will. It includes the details and instructions for how you want your estate to be handled at your death. However, unlike a will a
properly funded trust:
How does a living trust avoid probate and prevent court control of assets at incapacity?
When you set up a living trust, you transfer assets from your name to the name of your trust, which you control -- such as
from "Bob and Sue Smith, husband and wife" to "Bob and Sue Smith, trustees under trust dated (month/day/year)."
Legally you no longer own anything; everything now belongs to your trust. So there is nothing for the courts to control when
you die or become incapacitated. The concept is simple, but this is what keeps you and your family out of the courts.
Who should have a living trust?
Age, marital status and wealth don't really matter. If you own titled assets and want your loved ones (spouse, children or
parents) to avoid court interference at your death or incapacity, you should probably have a living trust. You may also want
to encourage other family members to have one so you won't have to deal with the courts at their incapacity or death.
Is a "living will" the same as a living trust?
No. A living trust is for financial affairs. A living will is for medical affairs; it lets others know how you feel about life support
in terminal sit
If I have a living trust, do I still need a will?
Yes, you need a "pour-over" will that acts as a safety net if you forget to transfer an asset to your trust. When you die, the
will "catches" the forgotten asset and sends it into your trust. The asset may have to go through probate first, but it can
then be distributed as part of your overall living trust plan. Also, if you have minor children, a guardian will need to be
named in the will.
Doesn't a trust in a will do the same thing?
Not quite. A will can contain wording to create a testamentary trust to save estate taxes, care for minors, etc. But, because
it's part of your will, this trust cannot go into effect until after you die and the will is probated. So it does not avoid probate
and provides no protection at incapacity.
What does a successor trustee do?
If you become incapacitated, your successor trustee looks after your care and manages your financial affairs for as long
as needed, using your assets to pay your expenses. If you recover, you resume control. When you die, your successor
trustee pays your debts, files your tax returns and distributes your assets. All can be done quickly and privately, according
to instructions in your trust, without court interference.
Should I consider a corporate trustee?
You may decide to be the trustee of your trust. However, some people select a corporate trustee (bank or trust company)
to act as trustee or co-trustee now, especially if they don't have the time, ability or desire to manage their trusts, or if one
or both spouses are ill. Corporate trustees are experienced investment managers, they are objective and reliable, and their
fees are usually very reasonable.
When you set up a living trust, you transfer assets from your name to the name of your trust, which you control -- such as
from "Bob and Sue Smith, husband and wife" to "Bob and Sue Smith, trustees under trust dated (month/day/year)."
Legally you no longer own anything; everything now belongs to your trust. So there is nothing for the courts to control when
you die or become incapacitated. The concept is simple, but this is what keeps you and your family out of the courts.
Who should have a living trust?
Age, marital status and wealth don't really matter. If you own titled assets and want your loved ones (spouse, children or
parents) to avoid court interference at your death or incapacity, you should probably have a living trust. You may also want
to encourage other family members to have one so you won't have to deal with the courts at their incapacity or death.
Is a "living will" the same as a living trust?
No. A living trust is for financial affairs. A living will is for medical affairs; it lets others know how you feel about life support
in terminal sit
If I have a living trust, do I still need a will?
Yes, you need a "pour-over" will that acts as a safety net if you forget to transfer an asset to your trust. When you die, the
will "catches" the forgotten asset and sends it into your trust. The asset may have to go through probate first, but it can
then be distributed as part of your overall living trust plan. Also, if you have minor children, a guardian will need to be
named in the will.
Doesn't a trust in a will do the same thing?
Not quite. A will can contain wording to create a testamentary trust to save estate taxes, care for minors, etc. But, because
it's part of your will, this trust cannot go into effect until after you die and the will is probated. So it does not avoid probate
and provides no protection at incapacity.
What does a successor trustee do?
If you become incapacitated, your successor trustee looks after your care and manages your financial affairs for as long
as needed, using your assets to pay your expenses. If you recover, you resume control. When you die, your successor
trustee pays your debts, files your tax returns and distributes your assets. All can be done quickly and privately, according
to instructions in your trust, without court interference.
Should I consider a corporate trustee?
You may decide to be the trustee of your trust. However, some people select a corporate trustee (bank or trust company)
to act as trustee or co-trustee now, especially if they don't have the time, ability or desire to manage their trusts, or if one
or both spouses are ill. Corporate trustees are experienced investment managers, they are objective and reliable, and their
fees are usually very reasonable.
TRUSTEE
Definition of 'Trustee'
An individual who holds or manages assets for the benefit of another. Trustees make decisions based on due diligence
and in the best interest of the beneficiary, and can be held personally liable for their actions if the beneficiary deems
there was a breach of trust.
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position
of trust or responsibility for the benefit of another.[1] Although the strictest sense of the term is the holder of property on
behalf of a beneficiary. (The Board of Trustees an institution that operates for the benefit of the general public.)
--------------------------------
Successor Trustee
A successor trustee is an individual who manages and controls a trust after its trustee dies or is incapacitated. For
example, the person who creates a trust, called a grantor, may be his owntrustee, managing and controlling the trust's
assets. He/she may appoint another person to be asuccessor trustee, managing the assets when he/she is no longer
able to do so.
While thesuccessor trustee cannot use the trust's assets to his own benefit, unless he is also abeneficiary of the trust,
he/she can manage the trust according to the instructions. Get involve in the medical decisions, Apply for benefits, Pay
bills, collect payments, Sell, transfer, and distribute assets according to the instructions the grantor created for the trust.
------------------------------------
Corporate Trustee
Why should you name a corporate trustee?
If a trust is part of your estate plan, naming a trustee to be responsible for managing your assets and legal affairs is one
of the most important decisions you can make. Having served as a corporate trustee for more than a century, Wells
Fargo offers the extensive knowledge and experience necessary to handle your trust.
The advantages of choosing a corporate trustee
A trustee has the fiduciary duty, legal authority and responsibility to manage your assets held in trust and financial
matters on your behalf. The trustee can be an individual, association or corporation.
Before naming a trustee, it’s necessary to understand the complexity of roles they play in administering a trust. If, for
example, you are considering an individual such as a family member or a trusted advisor, make sure they have the time,
knowledge and desire to assume this role.
Also your choice may be competent and trustworthy, but their personal circumstances may change—they may
predecease you, retire or move to another location.
For all these reasons, you may want to consider naming a corporate trustee.
Maintaining family control
When considering a corporate trustee, choosing one of the options outlined below allows your family to remain involved:
You can appoint a family member as co-executor and/or co-trustee, along with a corporate trustee
You can give your beneficiaries the power to remove and replace the corporate trustee
You can coordinate the naming of a successor trustee, executor and agent
You should also review your will and trust every couple of years to confirm that it continues to meet your needs.
Definition of 'Trustee'
An individual who holds or manages assets for the benefit of another. Trustees make decisions based on due diligence
and in the best interest of the beneficiary, and can be held personally liable for their actions if the beneficiary deems
there was a breach of trust.
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position
of trust or responsibility for the benefit of another.[1] Although the strictest sense of the term is the holder of property on
behalf of a beneficiary. (The Board of Trustees an institution that operates for the benefit of the general public.)
--------------------------------
Successor Trustee
A successor trustee is an individual who manages and controls a trust after its trustee dies or is incapacitated. For
example, the person who creates a trust, called a grantor, may be his owntrustee, managing and controlling the trust's
assets. He/she may appoint another person to be asuccessor trustee, managing the assets when he/she is no longer
able to do so.
While thesuccessor trustee cannot use the trust's assets to his own benefit, unless he is also abeneficiary of the trust,
he/she can manage the trust according to the instructions. Get involve in the medical decisions, Apply for benefits, Pay
bills, collect payments, Sell, transfer, and distribute assets according to the instructions the grantor created for the trust.
------------------------------------
Corporate Trustee
Why should you name a corporate trustee?
If a trust is part of your estate plan, naming a trustee to be responsible for managing your assets and legal affairs is one
of the most important decisions you can make. Having served as a corporate trustee for more than a century, Wells
Fargo offers the extensive knowledge and experience necessary to handle your trust.
The advantages of choosing a corporate trustee
A trustee has the fiduciary duty, legal authority and responsibility to manage your assets held in trust and financial
matters on your behalf. The trustee can be an individual, association or corporation.
Before naming a trustee, it’s necessary to understand the complexity of roles they play in administering a trust. If, for
example, you are considering an individual such as a family member or a trusted advisor, make sure they have the time,
knowledge and desire to assume this role.
Also your choice may be competent and trustworthy, but their personal circumstances may change—they may
predecease you, retire or move to another location.
For all these reasons, you may want to consider naming a corporate trustee.
Maintaining family control
When considering a corporate trustee, choosing one of the options outlined below allows your family to remain involved:
You can appoint a family member as co-executor and/or co-trustee, along with a corporate trustee
You can give your beneficiaries the power to remove and replace the corporate trustee
You can coordinate the naming of a successor trustee, executor and agent
You should also review your will and trust every couple of years to confirm that it continues to meet your needs.
Pour-over will
Definition of 'Pour-Over Will'
A will established by an individual who has already taken the necessary steps to set up a trust, so that upon the death of
the individual, all of his or her assets are to be transferred - or "poured over" - to the trust. By doing so, the individual
ensures that his or her estate has an explicit direction to shift assets into the trust.
A pour-over will is a testamentary device wherein the writer of a will creates a trust, and decrees in the will that the
property in his or her estate at the time of his or her death shall be distributed to the Trustee of the trust.
'Pour-Over Will'
A pour-over will adds a degree of safety and peace of mind to an individual's estate planning, because any assets that
were not included in the trust, for one reason or another, will be poured-over to it by virtue of the will.
The will can also stipulate that the assets intended for the trust be distributed to the beneficiaries if, for some reason,
the trust itself is not able to be created or is invalid at the time of the individual's death.
Definition of 'Pour-Over Will'
A will established by an individual who has already taken the necessary steps to set up a trust, so that upon the death of
the individual, all of his or her assets are to be transferred - or "poured over" - to the trust. By doing so, the individual
ensures that his or her estate has an explicit direction to shift assets into the trust.
A pour-over will is a testamentary device wherein the writer of a will creates a trust, and decrees in the will that the
property in his or her estate at the time of his or her death shall be distributed to the Trustee of the trust.
'Pour-Over Will'
A pour-over will adds a degree of safety and peace of mind to an individual's estate planning, because any assets that
were not included in the trust, for one reason or another, will be poured-over to it by virtue of the will.
The will can also stipulate that the assets intended for the trust be distributed to the beneficiaries if, for some reason,
the trust itself is not able to be created or is invalid at the time of the individual's death.
Wills - Trusts - Estate Planning - Probate -
Trust Settlements - Will Contests - Trust
Contests Guardianships -
Conservatorships.. // Transferring Assets
Into Your Revocable Living Trust
Agreement
Welcome to the Estate Planning Learning
Center
Definition of 'Estate Planning'
Trust Settlements - Will Contests - Trust
Contests Guardianships -
Conservatorships.. // Transferring Assets
Into Your Revocable Living Trust
Agreement
Welcome to the Estate Planning Learning
Center
Definition of 'Estate Planning'
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web site. Register your business today- From here
you can search and access filed information for
corporations, limited liability companies, limited
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--Annual Report Overview (Part I) and
Step-By-Step Filing Instructions (Part II)-
-Electronic Filing & Certification
Several methods in which information can be
submitted to the Division--
-Florida Entities Corp LLC Etc.
Check Corporate Name Availability or
Start a Corporation now -
-Free Vehicle History Search..
-Buying a Used Car? Just Say – Show Me the
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SAFEST PLACES
WHERE YOU CAN PUT
YOUR MONEY AND
HAVE PEACE OF MIND.--
-
'' ''Market Advice: The
definition of terms and
terminology in the
investment world. --
NEWS LETTER //-
''Business
Opportunity: Start
your own business
EASY & SIMPLE, be
your own boss, make
extra money
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More You Know, The
Less You pay. The 10
Best Ways to Lower
Your Car Insurance
'' USAJOBS - State and
Local Government
Opportunities--
Employment, Jobs,
career. -
-How to Become Wealthy?
Nine Truths That Can Set
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Financial Freedom--
-AMERICAN DOLLAR:
What are the letters,
numbers, and symbols,
the latin words mean?
-Money Management-
Counterfeit Combat:
Defense Is in the Details.
How to reconize and
combat counterfeit
money?
-'INVESTMENT &
FINANCE: METHODS,
TECHNIQUES, AND
STRATEGIES. WHERE,
WHEN, HOW TO INVEST?
-Banking And Finance
Knowledge. The more
you know the closer you
are to accomplish great
success..
-The Role of Money in
Our Life
THE ARCHITECTURE OF
PROSPERITY
-RICH GUIDE: WHY
AREN'T YOU RICH?
BUILDING FINANCIAL
WEALTH, OBTAIN
FINANCIAL FREEDOM,
BECOME A RICH
PERSON; YES YOU CAN.
-Ten Resolutions to Make
Your Financial Life
Easier- Counterfeit
Combat: Defense Is in
the Details...
-A step by step guide to
gaining control of your
financial life.-The
Successful Investment
Journey, Ten Tips For The
Successful Investors -
-How to Make Money
Online With Or Without a
Website. ''INVESTING:
MAKE YOURSELF
RICHER BY INVESTING
THE RIGHT WAY IN THE
RIGHT PRODUCTS.-
''Money: 45 Ways to
Improve Your Finances
This Year.-
''FORTUNE IN Stock
Market ; BEFORE
INVESTING IN THE
STOCK MARKET YOU
MUST LEARN THIS
FIRST!...
'' Market advice; The
Definition Of the terms of
the world financial market.
-:
''SAVING MONEY: THE
SECRETS OF SAVING;
WAYS TO SAVE A LOT
OF MONEY AND
GETTING RICHER.-
''INVESTING: The 7 New
Rules of Financial
Security And The Secrets
of Self-Made Millionaires
''Free Credit Report: THIS
REPORT CAN HELP YOU
FIND OUT WHAT'S GOOD
OR WHAT'S BAD AND
ALSO DETECT ID
THEFT!...
''The Millionaire's
Mindset How To Make
Your First $1 Million.
''CREDIT: SAVE YOUR
CREDIT, RESCUE IT,
PROTECT IT, INCREASE
YOUR SCORE..
''FINANCIAL REPORT,
headline news: REAL
ESTATE INVESTMENT
SECRETS REVEALED,
REAL ESTATE CAN
HELP YOU GET RICHER
THE QUICKEST,
EASIEST WAY
POSSIBLE..
''FINANCIAL FREEDOM: A
SMARTEST WAY TO
PREPARE A BETTER
FUTURE IS TO PLAN
TODAY TO OBTAIN A
COMPLETE FINANCIAL
FREEDOM..
''FINANCIAL AID: FREE
SCHOLARSHIP FOR
SCHOOL, FREE
GOVERNMENT GRANTS
MONEY FOR
SCHOOL..
''ACCOUNTING: The
Basics of Accounting --
It’s not the numbers, but
what the numbers are
telling you. It’s not the
words, bu it's what the
words are telling ..
'' RULES OF SUCCESS-
The rules of money have
changed and it’s time for
you to get smart with your
money!
''Rule Of 72: The
compound interest and
financial success Rule Of
72 is the most important
and simple rule of
financial
success.
''''Government General
Information: Federal,
State, And Local. Find
Any Agency
You desire.-
''INVESTORS: CREATIVE
FINANCING: TOP 10
CREATIVE FINANCING
TECHNIQUES AND
STRATEGIES TO FIND
MONEY TO INVEST!
''Index Fund: What You
Need to Know About
Trading and Investing in
Leveraged ETFs..-
'' MORTGAGE HOUSE:
HOW AND WHERE TO
FIND MONEY TO BUY A
PROPERTY? Financing
your real estate
investment; easy
steps, fast & simple.
''..Term Insurance
Advantages, Term
Insurance General
Knowledge. Buy the
Term, and invest the
difference. Learn More...'
''LIFE INSURANCE: Ways
to Reduce Your Life
Insurance Premium;
Learn the importance and
benefits of life insurance
in real life.
''..Life Insurance Quote.
Find out if You Pay too
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Or Check How Much
You Can Pay For a Life
Insurance...'
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