Easy Questions  
Free Legal Documents

FAQs on Living Trust in Attica, MI

FAQs on Living Trust in Attica, MI


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 MI 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 MI Power of Attorney Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Attica, MI
Visser And Associates PLLC
2480 44th St SE
Grand Rapids, MI 49512
(616) 531-9860
Attorneys, Real Estate Attorneys, Construction Law Attorneys
Visser Donald R
2480 44th St SE # 150
Grand Rapids, MI 49512
(616) 531-9860
Real Estate Attorneys, Attorneys
Fox Stuart
4188 Lakeshore Rd
Boyne City, MI 49712
(231) 582-9819
Attorneys
Reisinger Law Firm
5300 Corporate Grove Dr SE
Grand Rapids, MI 49512
(616) 554-9606
Attorneys, Bankruptcy Law Attorneys
Affordable Bankruptcy Attorney
5300 Corporate Grove Dr SE
Grand Rapids, MI 49512
(616) 554-9606
Business Bankruptcy Law Attorneys,  Attorneys,  General Practice Attorneys,  Bankruptcy Law Attorney
Gara Feldman-Gary
503 Mall Court #235
Lansing, MI 48912
(517) 803-9585
Criminal Law Attorneys, Divorce Attorneys, Domestic Violence Attorneys, DUI & DWI Attorneys, Attorne
Byrne David M
28 W Main St # E
Fremont, MI 49412
(231) 924-9290
Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
Springstead and Bartish Law
28 A W Main St
Fremont, MI 49412
(231) 924-8700
Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  DUI & DWI Attorneys,  Ge
LaBre Law Office
68897 Cass St
Edwardsburg, MI 49112
(269) 663-8554
General Practice Attorneys, Attorneys
Labre William L
68897 Cass St
Edwardsburg, MI 49112
(269) 663-8554
Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorneys
Goldberg Law
535 Shepard Street
Lansing, MI 48912
(517) 803-8315
Civil Litigation & Trial Law Attorneys, Collection Law Attorneys, Corporation & Partnership Law Atto
Grua Jamo & Young Plc
2401 E Grand River Ave
Lansing, MI 48912
(517) 487-8300
Attorneys, Business Law Attorneys, Real Estate Attorneys, Estate Planning Attorneys, Legal Service P
Barsch Kristina
38600 Van Dyke Ave # 150
Sterling Heights, MI 48312
(586) 979-8100
Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, General Practice Attorn
Bieske J B
38850 Van Dyke Ave # 101
Sterling Heights, MI 48312
(586) 977-8100
Attorneys, Social Security & Disability Law Attorneys, Elder Law Attorneys, Legal Service Plans
Klevorn & Klevorn
215 S Lake St
Boyne City, MI 49712
(231) 582-7911
Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  Wills, Trusts & Estate
Attorneys Title Agency
5730 Eagle Dr SE
Grand Rapids, MI 49512
(616) 956-7700
General Practice Attorneys, Attorneys, Title Companies
Nerat Frank J
2706 E Michigan Ave
Lansing, MI 48912
(517) 484-7451
Attorneys
Baumstark & Vincent
1801 E Saginaw St
Lansing, MI 48912
(517) 482-7395
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Bankruptcy Services,
Church Wyble PC
2827 E Saginaw St
Lansing, MI 48912
(517) 455-7384
Attorneys,  Personal Injury Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Malpractice Law
Champion Wholesale Supply
7843 Metropolitan Pkwy
Sterling Heights, MI 48312
(586) 722-7077
Bankruptcy Law Attorneys
Blunier Dale E
69175 M 62 # C
Edwardsburg, MI 49112
(269) 663-7040
General Practice Attorneys, Attorneys
Szilagy, Anthony J
110 S Clemens Ave
Lansing, MI 48912
(517) 487-7000
Business Law Attorneys, Attorneys, Family Law Attorneys, Real Estate Attorneys, General Practice Att
Edwar A Zeineh
1704 E Michigan Ave
Lansing, MI 48912
(517) 292-7000
General Practice Attorneys, Attorneys, Legal Service Plans
Kaczmarek Insurance Agency
9315 Joseph Campau St
Hamtramck, MI 48212
(313) 872-6777
Insurance, Attorneys, General Practice Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US