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 Morgantown, PA

FAQs on Living Trust in Morgantown, PA


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 PA 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 Morgantown, PA
Hurtt John
682 Tunkhannock Ave
Exeter, PA 18643
(570) 654-9998
Social Security & Disability Law Attorneys, Attorneys, Real Estate Attorneys, Legal Service Plans
Zucker Patricia C
635 N 12th St # 101
Lemoyne, PA 17043
(717) 724-9821
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Legal Service Plans, Bankruptcy Law Attorne
Daley Zucker Meilton Miner LLC
635 N 12th St
Lemoyne, PA 17043
(717) 724-9821
Estate Planning Attorneys,  Attorneys,  Family Law Attorneys,  Bankruptcy Law Attorneys
Diamond Robert L
4900 Cedar Ave # 3A
Philadelphia, PA 19143
(215) 471-9700
General Practice Attorneys, Attorneys
Gates Lowell R
1013 Mumma Rd Ste 100
Lemoyne, PA 17043
(717) 731-9600
Attorneys, Legal Service Plans
Gates Halbruner Hatch & Guise PC
1013 Mumma Rd
Lemoyne, PA 17043
(717) 731-9600
Wills, Trusts & Estate Planning Attorneys, Attorneys, Elder Law Attorneys, Legal Service Plans
Snook Cory J
1013 Mumma Rd Ste 100
Lemoyne, PA 17043
(717) 731-9600
Bankruptcy Law Attorneys, Attorneys
Perry, Judson B Perry & Baumbach PC
1035 Mumma Rd Ste 201
Lemoyne, PA 17043
(717) 737-9240
Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans, Employee Benefits & Worker
Clark & Krevsky
20 Erford Rd
Lemoyne, PA 17043
(717) 731-8600
Attorneys, General Practice Attorneys, Legal Service Plans, Labor & Employment Law Attorneys
Kulick Law Firm
1701 Wyoming Ave
Exeter, PA 18643
(570) 299-7883
General Practice Attorneys, Attorneys, Legal Service Plans
Honberger, Jansen M Gibble & Honberger PC
126 E Main St
Lititz, PA 17543
(717) 626-7778
Accident & Property Damage Attorneys,  Attorneys,  Family Law Attorneys,  Probate Law Attorneys,  El
Norfleet & Lafferty
1300 Market St
Lemoyne, PA 17043
(717) 737-7574
Accident & Property Damage Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  Corporation &
Demartino James E
62 Highland Ct
Mount Bethel, PA 18343
(570) 897-6645
General Practice Attorneys, Attorneys
Straka & Gustine
435 Beaver St
Sewickley, PA 15143
(412) 741-6000
General Practice Attorneys, Attorneys, Legal Service Plans
Cefalo Michael J
309 Wyoming Ave
West Pittston, PA 18643
(570) 655-5555
Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partner
Cybrid Inc
1017 Mumma Rd Ste 105
Lemoyne, PA 17043
(717) 541-5541
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Anderson William
700 Bower Hill Rd
Pittsburgh, PA 15243
(412) 571-5069
Attorneys, Legal Service Plans
Pierson Shawn M
105 E Oregon Rd
Lititz, PA 17543
(717) 560-4966
Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning Attorneys, General Practice Attorney
Goehring Rutter and Boehm
2100 Georgetown Dr
Sewickley, PA 15143
(724) 935-4777
General Practice Attorneys, Attorneys, Legal Service Plans
Michael Cherewka Law Offices
624 N Front St
Lemoyne, PA 17043
(717) 232-4701
General Practice Attorneys,  Attorneys,  Legal Service Plans,  Attorneys Referral & Information Serv
Keith N Jordan
5834 Walton Ave
Philadelphia, PA 19143
(215) 474-4625
General Practice Attorneys
Peel Greevy Melissa
301 Market St # 2
Lemoyne, PA 17043
(717) 761-4540
Mediation Services, Attorneys
Blazosek Joseph M Atty
341 Wyoming Ave Ste 9
West Pittston, PA 18643
(570) 655-4445
Attorneys,  Criminal Law Attorneys,  Estate Planning, Probate, & Living Trusts,  Social Security &
Menn Stephen Attorney
225 Wyoming Ave
West Pittston, PA 18643
(570) 654-4441
Social Security & Disability Law Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US