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!
 
 

Do I Need a Living Trust in Norman, OK

Do I Need a Living Trust in Norman, OK


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


A Living Trust refers simply to a property-owning legal entity you create while alive.

What is a Living Trust?

A Trust is an agreement whereby one person called the trustee 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 12Law.

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 OK 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 Norman, OK
Mc Farland Carl
220 E Eufaula St
Norman, OK 73069
(405) 329-9757
Attorneys, Legal Service Plans
Argentos Deno J
401 W Main St
Norman, OK 73069
(405) 360-9707
Attorneys
Johnson Law Firm
623 N Porter Ave # 400
Norman, OK 73071
(405) 579-9692
Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans, Criminal Law Attor
Holden Virgil L CPA
2321 Westpark Dr
Norman, OK 73069
(405) 329-9603
Attorneys, Accountants-Certified Public, Legal Service Plans
Adair Christal D
510 S Webster Ave # A
Norman, OK 73069
(405) 307-9601
Attorneys
Morse David
124 E Main St
Norman, OK 73069
(405) 360-9600
Attorneys, Legal Service Plans
Hallman & Associates PC
2230 McKown Dr
Norman, OK 73072
(405) 447-9455
Attorneys, Financial Services, Trust Companies
Whitney, A Drake - Whitney A Drake Law Offices
309 S Peters Ave
Norman, OK 73069
(405) 329-9448
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  General Practice Att
Stockwell Law Offices
119 E Main St
Norman, OK 73069
(405) 321-9414
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Personal Inj
Wilson Law Office
330 W Gray St Ste 410
Norman, OK 73069
(405) 329-9400
Divorce Assistance, Attorneys, Bankruptcy Services, Family Law Attorneys, General Practice Attorneys
Cindy Allen & Associates, P
222 E. Main St.
Norman, OK 73069
(405) 701-8856
Bankruptcy Law Attorneys,  Divorce Attorneys,  Estate Planning Attorneys,  Family Law Attorneys,  At
Warner Eric
3750 W Main St
Norman, OK 73072
(405) 364-8820
Attorneys, Legal Service Plans
Public Investors Arbitration Bar Association
2415 Wilcox Dr # A
Norman, OK 73069
(405) 360-8776
Arbitration Services,  Attorneys,  Attorneys Referral & Information Service,  Mediation Services
Barrett Lydia J
870 Copperfield Dr
Norman, OK 73072
(405) 364-8600
Attorneys, Legal Service Plans
Denney & Barrett PC
870 Copperfield Dr
Norman, OK 73072
(405) 364-8600
Attorneys
Denney, Richard L
870 Copperfield Dr
Norman, OK 73072
(405) 364-8600
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Automobile Accident Attorneys
Benedum Ben T
1917 Whispering Pines Cir
Norman, OK 73072
(405) 321-8552
Attorneys
Barrett Mark H
101 E Gray St
Norman, OK 73069
(405) 364-8367
Attorneys, Legal Service Plans
Chumley & Fletcher
3750 W Main St # 207
Norman, OK 73072
(405) 329-8355
Attorneys
Forgotson Law Firm
115 S Peters Ave, Ste 6
Norman, OK 73069
(405) 590-8324
Attorneys, General Practice Attorneys, Legal Service Plans
Crowder Doug
219 E Main St
Norman, OK 73069
(405) 364-8300
Attorneys
Nicols Drew
219 E Main St
Norman, OK 73069
(405) 364-8300
Attorneys
Talley Law Offices
219 E Main St
Norman, OK 73069
(405) 364-8300
Attorneys, General Practice Attorneys, Legal Service Plans
Pence James E
314 E Comanche St
Norman, OK 73069
(405) 364-8272
Attorneys, General Practice Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US