12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

FAQs on Living Trust in Freehold, NY

FAQs on Living Trust in Freehold, NY


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


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.

What is a Living Trust?

A Living 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 12Law 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 NY Living Trust Create 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
Related Legal Services near Freehold, NY
Baratta Anthony
411 Court St
Brooklyn, NY 11231
(718) 802-9858
General Practice Attorneys, Attorneys
Endieveri Anthony F
5016 W Genesee St
Camillus, NY 13031
(315) 487-9458
Attorneys,  Labor & Employment Law Attorneys,  Appellate Practice Attorneys,  Personal Injury Law At
Cantone Law Firm PC
5426 W Genesee St Ste B
Camillus, NY 13031
(315) 484-9255
Attorneys, General Practice Attorneys, Legal Service Plans
Mack Joseph R
454 W 142nd St
New York, NY 10031
(212) 281-8650
Attorneys
White William
740 Saint Nicholas Ave
New York, NY 10031
(212) 926-8400
Attorneys, Legal Service Plans
Davis Jeffrey B
61 Main St
Camillus, NY 13031
(315) 672-8256
Attorneys, Legal Service Plans
Richard W. Barton, Esq
3604 Broadway
New York, NY 10031
(212) 222-8239
Criminal Law Attorneys, Immigration Law Attorneys
A Criminal Defense Lawyer
360 Court Street, Suite 3
Brooklyn, NY 11231
(718) 757-7677
Criminal Law Attorneys, Drug Charges Attorneys, DUI & DWI Attorneys
Smith and Delp
1847 State Route 30
North Blenheim, NY 12131
(518) 591-4654
Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  Real Estate Attorneys,  Family
Piemonte Salvatore J
5329 Cobbler Way
Camillus, NY 13031
(315) 423-4444
Criminal Law Attorneys, Attorneys, DUI & DWI Attorneys
George T. Peters
402 W 145th St 2nd Floor
New York, NY 10031
(347) 508-4025
Attorneys Referral & Information Service, Arbitration Services, Attorneys
Dec Frank
8940 Main St
Clarence, NY 14031
(716) 634-3662
Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys, Civil Litigation & Trial Law Attorneys, Drug
Cogswell Michael C
106 Emann Dr
Camillus, NY 13031
(315) 689-3527
General Practice Attorneys, Attorneys
Mollo Peter J
266 Smith St
Brooklyn, NY 11231
(718) 858-3401
Criminal Law Attorneys, Insurance Attorneys, Attorneys
Grillo Dana F
5016 W Genesee St
Camillus, NY 13031
(315) 487-3262
General Practice Attorneys, Attorneys, Legal Service Plans
McMahon Stephen T
3 Henry Beach Dr
Camillus, NY 13031
(315) 726-3104
Attorneys,  Estate Planning, Probate, & Living Trusts,  Elder Law Attorneys,  Estate Planning Atto
Deperno & Khanzadian
4906 W Genesee St
Camillus, NY 13031
(315) 762-2992
Accident & Property Damage Attorneys,  Attorneys,  Family Law Attorneys,  Real Estate Attorneys,  Le
John C. Nelson
12 Monroe St
Ellicottville, NY 14731
(716) 364-2569
Criminal Law Attorneys, DUI & DWI Attorneys, Traffic Law Attorneys
Total Attorneys - Divorce
PO Box 273881
New York, NY 10031
(347) 391-2400
Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Legal Service Plans
Peters & Ploetz
1 Washington St
Ellicottville, NY 14731
(716) 699-2355
General Practice Attorneys, Attorneys, Legal Service Plans
Legal Nurse Consultant of Cny
125 County Route 45
Parish, NY 13131
(315) 676-2157
Paralegals, Business Coaches & Consultants, Legal Document Assistance
Kinslow Diane
60 Caroline Ct
Aquebogue, NY 11931
(631) 722-2100
Attorneys, General Practice Attorneys
Lazzaro Lance
360 Court St # 3
Brooklyn, NY 11231
(718) 488-1900
Attorneys
Clark Frank E
382 Larkfield Rd
East Northport, NY 11731
(631) 266-1881
Social Security & Disability Law Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US