Easy Questions  
Free Legal Documents

Benefits of a Living Trust in Adger, AL

Benefits of a Living Trust in Adger, AL


If you want to really know what your friends and family think of you die broke, and then see who shows up for the funeral.
 
- Gregory Nunn


You can make your own basic trust or jointly with your spouse. There are many available types of trust, some are complicated that can be use for certain circumstances like:

  • Bypass trust: This can be used for married couples with a combined estate that can surpass the estate tax threshold.
  • Special Need Trust: Leaving a property to someone with disability.
  • Spendthrift trust: The beneficiary is someone deemed unable to control his spending and who cannot be trusted to manage money. This trust will control the beneficiary's ability to spend money.

The Essentials in Creating a Living Trust

You need to decide the following before you begin building your trust documents at 1-2-Law.com:

  • List of your beneficiaries
  • List of back up beneficiaries
  • List of young beneficiaries that require guardianship and property management until they reach adulthood
  • First and second choice of successor trustee


  • How to Create a Living Trust

    • Use 1-2-Law.com to create your trust document. It shouldn't take long to think through what you want in this important document
    • Have your document notarized. Sign your document in front of a notary public. Usually, banks offer free notary services
    • Transfer property into your trust. Depending on the type of property you are transferring to your trust, the transfer may take a few weeks to take effect. All property with a title or deed need to have the title or deed documents updated. This step is absolutely essential.

    How to Change or Revoke Your Trust

    Restating or revoking your trust by adding or removing property is done by transferring your property ownership back to yourself, updating the list of trust property attached to the trust document and also by revising the property titles.


    When to Use a Trust

    Making a revocable trust can fulfill your wish of giving your property to the beneficiaries of your choice. A living trust avoids any possibility of having the estate tied up in probate (a big advantage over a last will and testament).

    A living trust can spare your family from the expense and delay of a probate that is common when using a will. It can prevent probate from tying up your real estate and other miscellaneous assets. If you have money in a bank, brokerage, and other retirement accounts it would be effective to name "payable-on-death" beneficiaries for each account.

    A living trust can ensure that what you bequeath remains confidential, except when it comes to real estate transfers that can be made public. Making a trust is not much more complicated than making a will. The important thing to note, however, is to make sure that ownership of all the property you have indicated in the trust document is legally transferred to the trust, with you as the trustee.

    It may be a good idea to appoint another trustee for the living trust., in case you become incapacitated. He or she will take care of your financial affairs when you are incapable of doing it and will take over the management of the trust assets after you die. The absence of a living trust will make the court arrange someone to take over the affairs you left behind.


    Individual or Shared Trusts for Couples

    A Trust can be individual or shared. Couples can make a probate-avoiding trust together as a shared trust. This is preferable especially if you have large, jointly held assets. Needing to divide up the jointly owned property is avoided. Shared trusts can also be useful to bequeath property to a surviving spouse.

    When one grantor dies, the property left to the surviving spouse stays in the trust and does not need to be transferred. In the case of individual trusts, the property left to the survivor has to be transferred from the trust of the grantee to the survivors then to avoid probate, again placed in the survivor's trust. Individual trust may make sense in certain circumstances:

  • Both of you have signed an agreement that each spouse's earning and other income are separate and each of you wants to keep your property separately
  • You are newly married with little or no property together
  • You owned property before marriage and don't want it comingled with assets you will acquire together during the marriage. You will be in sole control of your own trust property.
  • Community Property States. Decisions you make may be affected by the community property laws of your state. This law states that, as a general rule, spouses should share income acquired during marriage 50-50. Properties earned during the marriage are a community property regardless of the name in the title.
  • Non- Community Property States. The name stated in the title document is considered the owner of that property. If you acquire property together, consider a shared trust. If you own separate property, then an individual trust may be appropriate for one or both of you
  •  
    Edit, Download, & Print a Free
    Alabama Living Trust
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
    Page 11
    Page 12
    Page 13
    Page 14
    Page 15
    Page 16
     
    Edit, Download, & Print a Free
    Alabama Last Will
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Edit, Download, & Print a Free
    Alabama Power of Attorney
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Related Legal Services near Adger, AL
    Wilson Jr James E
    732 Carter Hill Rd
    Montgomery, AL 36106
    (334) 834-9899
    Attorneys, Legal Service Plans
    Total Attorneys - DUI
    PO Box 273984
    Billingsley, AL 36006
    (334) 259-9549
    Attorneys, Legal Service Plans
    Halstrom, Timothy
    4170 Lomac St
    Montgomery, AL 36106
    (334) 272-9524
    General Practice Attorneys, Attorneys
    Dwayne L Brown
    4150 Carmichael Rd Ste A
    Montgomery, AL 36106
    (334) 285-9444
    Attorneys, General Practice Attorneys, Legal Service Plans
    Padula Law Firm PC
    119 Church St
    Rainbow City, AL 35906
    (256) 442-9100
    General Practice Attorneys, Attorneys, Legal Service Plans
    The McAdory Firm, LLC
    200 88th Street South
    Birmingham, AL 35206
    (205) 370-9094
    Bankruptcy Law Attorneys,  Estate Planning Attorneys,  Civil Litigation & Trial Law Attorneys,  Divo
    Roebuck M Lloyd
    1810 Old Government St
    Mobile, AL 36606
    (251) 479-9010
    Attorneys, General Practice Attorneys, Legal Service Plans
    Hollifield Charles P
    3225 Lexington Rd
    Montgomery, AL 36106
    (334) 263-9010
    Attorneys, Legal Service Plans
    Thiry & Caddell
    1911 Government St
    Mobile, AL 36606
    (251) 478-8880
    Legal Service Plans,  Accident & Property Damage Attorneys,  Bankruptcy Law Attorneys,  Corporation
    Jack "Trip" Smalley
    2607 Dauphin Street, Suite C
    Mobile, AL 36606
    (251) 610-8744
    Family Law Attorneys,  Divorce Attorneys,  Commercial Law Attorneys,  Personal Injury Law Attorneys,
    Robert M Harrington JR
    4612 Fox Den Ln
    Montgomery, AL 36106
    (334) 272-8603
    General Practice Attorneys
    Howard Rick A
    4001 Carmichael Rd Suite 300
    Montgomery, AL 36106
    (334) 215-8585
    Attorneys,  Labor & Employment Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Discriminati
    Howard Rick A
    4001 Carmichael Rd Ste 300
    Montgomery, AL 36106
    (334) 215-8585
    Attorneys, Civil Litigation & Trial Law Attorneys, Insurance Attorneys, Product Liability Law Attorn
    Betts Laura
    4001 Carmichael Rd Ste 300
    Montgomery, AL 36106
    (334) 215-8585
    Attorneys, General Practice Attorneys
    Darneille Jason D
    4001 Carmichael Rd Ste 300
    Montgomery, AL 36106
    (334) 215-8585
    Attorneys, Legal Service Plans
    Goldfinger Roy S PC
    4472 White Acres Rd
    Montgomery, AL 36106
    (334) 395-8500
    General Practice Attorneys, Attorneys, Legal Service Plans
    Pappanastos John N
    4131 Carmichael Rd Ste 2
    Montgomery, AL 36106
    (334) 264-8500
    General Practice Attorneys, Attorneys
    Waldrop And Associates PC
    6700 Odyssey Dr NW Ste 105
    Huntsville, AL 35806
    (256) 539-8343
    Family Law Attorneys, Tax Attorneys, Attorneys
    McTighe James H
    4750 Woodmere Blvd
    Montgomery, AL 36106
    (334) 356-8337
    Attorneys
    Grainger Legal Services LLC
    4220 Carmichael Ct N
    Montgomery, AL 36106
    (334) 523-8101
    Estate Planning Attorneys,  Attorneys,  Legal Service Plans,  Family Law Attorneys,  Probate Law Att
    Abell William K
    4171 Lomac St # D
    Montgomery, AL 36106
    (334) 271-8008
    Attorneys, Family Law Attorneys, Social Security & Disability Law Attorneys, Corporation & Partnersh
    Harrison Gammons & Rawlinson PC
    2430 L & N Dr SW
    Huntsville, AL 35806
    (256) 533-7711
    Real Estate Attorneys,  Attorneys,  Title Companies,  Insurance
    McLeod Vonda S. LLC
    4131 Carmichael Rd
    Montgomery, AL 36106
    (334) 245-7711
    Personal Injury Law Attorneys, Attorneys, Social Security & Disability Law Attorneys
    Blevins Jerry M Attorney
    2800 Zelda Rd # 200-3
    Montgomery, AL 36106
    (334) 262-7600
    Criminal Law Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US