Easy Questions  
Free Legal Documents

FAQs on Living Trust in Adger, AL

FAQs on Living Trust in Adger, AL


Good plans shape good decisions. That's why good planning helps to make elusive dreams come true.
 
- Geoffrey Fisher


What is a living trust?

A living trust is also known as "inter vivos" Latin for "among the living,". It is a trust arrangement you create while you are still alive. Trust is an arrangement where a trustee is assigned to hold legal title over the property of another person or beneficiary. You can be the trustee of your own living trust to ensure full control of all the properties indicated in the document.

There are different types of living trust that can help avoid legal processes of proving the validity of a will, reduce estate tax, and create a long-term property management.

Why Make a Living Trust?

A living trust can avoid an expensive legal process to prove the legality of a will. Properties that are left through the trust are protected from probate. The process usually takes months before the beneficiary gets anything. After the proceedings, some of the value of what has been left would have been already consumed by attorney's fees and other legal charges.

Does a Living Trust Prevent Probate?

Yes, the appointed trustee would handle the transfer the ownership of the property to the beneficiaries outlined in the trust, without needing to go through probate. This process only takes weeks and may completely avoid all lawyer and court fees. When all the trust assets have been completely transferred to the beneficiaries, the living trust simply ceases to exist.

Is it expensive to create a living trust?

No, creating a living trust at 1-2-Law is fast easy and very affordable.

Is it difficult to hold property in a living trust?

No, holding property, and transferring property into and out of a trust are not particularly difficult to administer.

Is there a possibility that a living trust will be made public like a will?

No, unlike a will, a living trust does not need to be made public.

Will a living trust protect you from creditors?

No, creditors who win a lawsuit against you can go after your property even if it is placed in a trust. All your properties held in trust are subject to your lawful debts. This is true even after you pass away, but the confidentiality of a living trust may make it difficult for creditors to identify beneficiaries.

If I have a living trust, do I still need a will?

Yes, you need a will to cover any assets that have not been transferred into your living trust. Your will can stipulate the beneficiaries of your entire estate, whereas the living trust only addresses assets that were placed into the trust.

The distribution of your of your assets if you die without a will would depend on the law of the state in which you reside. Typically, it goes to the closest relatives. It is up to the state court to decide, so if you want a say in the distribution of your residual estate, it is important to make a will alongside your living trust.

Can a living trust reduce estate taxes?

A living trust has no effect on the state or federal tax, all the trust assets will be added to your personal estate. However, only estates that are worth more than $5.34 million in 2014 (indexed for inflation) will owe federal estate tax.

 
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