Easy Questions  
Free Legal Documents

Do I Need a Living Trust in Alberta, AL

Do I Need a Living Trust in Alberta, AL


Never say you know a man until you have divided an inheritance with him.
 
- Johann Kaspar Lavater


What is a living trust?

Living trust refers simply to the trust you create while alive. Trust is an agreement under one person called the trustee who can hold legal title to property for another person called the beneficiary. Having your own living trust and be the trustee of the same is possible. You will be responsible of keeping control over all property held in trust.

Does a living trust go through probate?

No, a revocable living trust does not go through probate after you die. The successor trustee you have appointed will just transfer ownership to the beneficiaries you have mentioned in the trust. The whole process usually takes only a few weeks with no court fees or lawyers to pay. If the transferring of property is done to the beneficiaries, the living trust will no longer exist.


Is Living Trust expensive to make?

No, a revocable living trust is not that complicated to make and you will find that it is fast, easy and affordable at 1-2-Law.

Is it a hassle to hold property in a living trust?

No, you won't need a lot of paperwork and administrative hassle to create a living trust, unlike the experience when you transfer a property directly to a beneficiary.

Is a living trust document ever made public like that of a will?

No, the terms of living trust are not divulged to the public, which is a benefit when compared to a will.


Does living trust provide protection from creditors?

No. A creditor who wins a lawsuit against you can go after the trust property and claim it as payment for what you owe.

Does a living trust protect property from creditors after I die?

Generally, after you die, all property you owned including assets held in a living trust is subject to your lawful debts. A creditor who wins a lawsuit against you can go after all the properties under your name and claim it in behalf of what you owe. However, since the living trust is not a public document, creditors will have a difficult time identifying who has inherited your properties.


If I make a living trust, do I also need to make a will?

Yes. Your will serve as an essential back-up document for the properties you were not able to transfer to yourself as a trustee. If you have a will, it will clearly state where those properties will go. In the absence of a will, your properties will go to the closest relative in an order determined by the state law.

Can a living trust reduce estate taxes?

A simple probate-avoidance living trust has no effect on state or federal estate taxes. Deaths occurred in 2014 with estates valued at more than $5.34 million will pay federal estate tax. This amount is indexed for inflation and will go up in the future. Most estates in the US are less than the $5.34 million personal exemption.

 
Personalize & Print a Free AL Living Trust Download this Document
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
 
Personalize & Print a Free AL Power of Attorney Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Alberta, AL
Smith Deborah W
102 N Cotton St
Andalusia, AL 36420
(334) 222-9299
Attorneys
Meredith Woods Markham
1608 3rd Ave N
Bessemer, AL 35020
(205) 902-9227
Family Law Attorneys, Attorneys
Sylvester Rod
205 Church St
Andalusia, AL 36420
(334) 222-9199
Attorneys
Sylvester Rod
7 E Court Sq
Andalusia, AL 36420
(334) 222-9191
Attorneys
Lanier Grady
206 S Three Notch St
Andalusia, AL 36420
(334) 222-9189
Attorneys, Legal Service Plans
Woodard Allen G
1213 E Three Notch St
Andalusia, AL 36420
(334) 222-9115
Attorneys, General Practice Attorneys
Bogan Adrienne W
1600 5th Ave N
Bessemer, AL 35020
(205) 424-8875
Attorneys,  Business Bankruptcy Law Attorneys,  General Practice Attorneys,  Bankruptcy Law Attorney
Law Center The For Civil And Criminal Justice
1600 5th Ave N
Bessemer, AL 35020
(205) 424-8875
Attorneys, General Practice Attorneys
Johnson Earl V Atty
29 S Court Sq
Andalusia, AL 36420
(334) 222-8443
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Armstrong Ralph L
1818 3rd Ave N
Bessemer, AL 35020
(205) 424-8255
Criminal Law Attorneys, Attorneys
Corey D. Bryan, LC
119 E Three Notch St
Andalusia, AL 36420
(334) 222-8220
Legal Service Plans, General Practice Attorneys, Attorneys
Enzor Leland
208 Dunson St
Andalusia, AL 36420
(334) 222-8177
General Practice Attorneys, Attorneys
Hardy, Clifford W Jr PC
1600 3rd Ave N
Bessemer, AL 35020
(205) 428-7348
Attorneys, Legal Service Plans
Bush Willis W
25 S Court Sq
Andalusia, AL 36420
(334) 222-7193
Attorneys, Legal Service Plans
S Scott Allums PC
506 18th St N
Bessemer, AL 35020
(205) 426-7080
Attorneys,  Personal Injury Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Divorce Att
Tumlin Edward D
1821 3rd Ave N
Bessemer, AL 35020
(205) 424-6868
Attorneys, Legal Service Plans
Mc Clelland Richard
1821 3rd Ave N
Bessemer, AL 35020
(205) 277-6780
Attorneys
Short, Pete
300 18th St N
Bessemer, AL 35020
(205) 425-6509
General Practice Attorneys,  Attorneys,  Family Law Attorneys,  Legal Service Plans
Foster T Kenneth
300 18th St N
Bessemer, AL 35020
(205) 425-6509
Attorneys, Criminal Law Attorneys, Legal Service Plans
Jewell, Billy C
1724 3rd Ave N
Bessemer, AL 35020
(205) 424-6300
Personal Injury Law Attorneys, Attorneys
Keyes, Jim
720 18th St N
Bessemer, AL 35020
(205) 428-5877
Attorneys
Ausman, Joe
720 18th St N
Bessemer, AL 35020
(205) 428-5877
Attorneys
Lipscomb And Lipscomb
210 18th St N
Bessemer, AL 35020
(205) 235-5712
Social Security & Disability Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorne
Hall Don
1616 3rd Ave N
Bessemer, AL 35020
(205) 425-5711
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US