Easy Questions  
Free Legal Documents

FAQs on Living Trust in Alberta, AL

FAQs on Living Trust in Alberta, 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.

 
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