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!
 
 

Benefits of a Living Trust in Smithmill, PA

Benefits of a Living Trust in Smithmill, PA


If you want to really know what your friends and family think of you die broke, and then see who shows up for the funeral.
 
- Gregory Nunn


You can make your own basic Living Trust or create a living trust jointly with your spouse. There are many available types of living trust, though some are complicated and can only be used for certain circumstances.

Creating a Living Trust Online

  • Bypass Living Trust: This can be used for married couples with a combined estate that can surpass the estate tax threshold.
  • Special Need Living Trust: Leaving a property to someone with disability.
  • Spendthrift living trust: The beneficiary is someone deemed unable to control his spending and who cannot be trusted to manage money. This living trust will control the beneficiary's ability to spend money.

The Essentials in Creating a Living Trust

You need to decide the following before you begin building your online living trust documents at 12Law.com:

  • List of your beneficiaries
  • List of back up beneficiaries
  • List of young beneficiaries that require guardianship and property management until they reach adulthood
  • First and second choice of successor trustee


  • How to Create a Living Trust

    • Use 12Law.com to create your online living trust document. It shouldn't take long to think through what you want in this important legal document
    • Have your living trust document notarized. Sign your document in front of a notary public. Usually, banks offer free notary services
    • Transfer property into your living trust. Depending on the type of property you are transferring to your living trust, the transfer may take a few weeks to take effect. All property with a title or deed needs to have the title or deed documents updated. This step is absolutely essential.

    How to Change or Revoke Your Living Trust

    Restating or revoking your living trust by adding or removing property is done by transferring your property ownership back to yourself, updating the list of living trust property attached to the trust document and also by revising the property titles.


    When to Use a Living Trust

    Making a revocable living trust can fulfill your wish of giving your property to the beneficiaries of your choice. A living trust avoids any possibility of having the estate tied up in probate (a big advantage over a Last Will and Testament).

    A living trust can spare your family from the expense and delay of a probate that is common when using a will. It can prevent probate from tying up your real estate and other miscellaneous assets. If you have money in a bank, brokerage, and other retirement accounts it would be effective to name "payable-on-death" beneficiaries for each account.

    A living trust can ensure that what you bequeath remains confidential, except when it comes to real estate transfers that can be made public. Making a living trust is not much more complicated than making a will. The important thing to note, however, is to make sure that ownership of all the property you have indicated in the living trust document is legally transferred to the trust, with you as the trustee.

    It may be a good idea to appoint another trustee for the living trust., in case you become incapacitated. He or she will take care of your financial affairs when you are incapable of doing it and will take over the management of the trust assets after you die. The absence of a living trust will make the court arrange someone to take over the affairs you left behind.


    Individual or Shared Living Trusts for Couples

    A Living Trust can be individual or shared. Couples can make a probate-avoiding trust together as a shared living trust. This is preferable especially if you have large, jointly held assets. Needing to divide up the jointly owned property is avoided. Shared living trusts can also be useful to bequeath property to a surviving spouse.

    When one grantor dies, the property left to the surviving spouse stays in the living trust and does not need to be transferred. In the case of individual living trusts, the property left to the survivor has to be transferred from the living trust of the grantee to the survivors then to avoid probate, again placed in the survivor's living trust. Individual trusts may make sense in certain circumstances:

  • Both of you have signed an agreement that each spouse's earning and other income are separate and each of you wants to keep your property separately
  • You are newly married with little or no property together
  • You owned property before marriage and don't want it comingled with assets you will acquire together during the marriage. You will be in sole control of your own trust property.
  • Community Property States. Decisions you make may be affected by the community property laws of your state. This law states that, as a general rule, spouses should share income acquired during marriage 50-50. Properties earned during the marriage are a community property regardless of the name in the title.
  • Non- Community Property States. The name stated in the title document is considered the owner of that property. If you acquire property together, consider a shared living trust. If you own separate property, then an individual living trust may be appropriate for one or both of you
  •  
    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 Smithmill, PA
    Mc Oscar Gerald K
    320 N High St
    West Chester, PA 19380
    (610) 436-9814
    General Practice Attorneys, Attorneys
    Petas Jesse
    1551 Montvale Cir
    West Chester, PA 19380
    (610) 269-9745
    Attorneys
    Goncharoff Jamie W
    15 W Gay St # 1
    West Chester, PA 19380
    (610) 436-9700
    Attorneys, General Practice Attorneys, Legal Service Plans
    Matthew Arrison Law Offices
    535 N Church St
    West Chester, PA 19380
    (610) 344-9501
    Product Liability Law Attorneys, Attorneys, Business Law Attorneys
    Malloy-Good Julia Atty
    220 W Gay St
    West Chester, PA 19380
    (610) 436-9226
    Attorneys, Legal Service Plans
    Rovito Law
    158 W Gay St # 200
    West Chester, PA 19380
    (610) 344-9150
    Child Custody Attorneys, Attorneys, Family Law Attorneys, Divorce Attorneys, Child Support Collectio
    Rovito Law LLC
    158 W Gay St Ste 200
    West Chester, PA 19380
    (610) 344-9150
    Child Custody Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Child Support Colle
    Diehl Glenn R
    305 N High St
    West Chester, PA 19380
    (610) 429-9100
    Attorneys, Environment & Natural Resources Law Attorneys
    Conrad O'Brien PC
    200 N High St # 300
    West Chester, PA 19380
    (610) 701-9100
    Family Law Attorneys,  Business Law Attorneys,  Estate Planning Attorneys,  Administrative & Governm
    Norcini C Curtis
    310 N High St
    West Chester, PA 19380
    (610) 692-8806
    General Practice Attorneys, Attorneys
    Ciccarelli Law Offices
    304 N High St
    West Chester, PA 19380
    (610) 692-8700
    Attorneys,  Attorneys Referral & Information Service,  Criminal Law Attorneys,  Family Law Attorneys
    Setzler Holly L
    310 N High St
    West Chester, PA 19380
    (610) 696-8500
    Gawthrop Greenwood
    17 E Gay St
    West Chester, PA 19380
    (610) 696-8225
    Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Civil Litigation & Trial Law Attorneys,  Busi
    Holleran Kevin
    17 E Gay St # 100
    West Chester, PA 19380
    (610) 696-8225
    Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys
    Hayes J Stoddard
    17 E Gay St # 100
    West Chester, PA 19380
    (610) 696-8225
    Attorneys, Real Estate Attorneys, Legal Service Plans, Schools & Education Law Attorneys
    Mc Kenna Patrick M
    17 E Gay St # 100
    West Chester, PA 19380
    (610) 696-8225
    General Practice Attorneys, Attorneys
    Nacey Maureen M
    17 E Gay St # 100
    West Chester, PA 19380
    (610) 696-8225
    Banking & Mortgage Law Attorneys, Attorneys
    Kraut & Kraut Law Offices
    123 E Gay St
    West Chester, PA 19380
    (610) 696-8200
    Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Attorneys,  Real Estate Attorney
    Baer Stephen I
    310 N High St
    West Chester, PA 19380
    (610) 696-8066
    Arbitration Services,  Attorneys,  Criminal Law Attorneys,  Mediation Services,  Legal Service Plans
    Linda Mac Elree
    16 N New St
    West Chester, PA 19380
    (610) 344-7600
    Adoption Law Attorneys, Attorneys, Family Law Attorneys
    Mac Elree Linda L
    16 N New St
    West Chester, PA 19380
    (610) 344-7600
    Family Law Attorneys, Adoption Law Attorneys, Attorneys
    Dorton Jean M
    1109 Saunders Ct
    West Chester, PA 19380
    (610) 349-7490
    Family Law Attorneys,  Divorce Attorneys,  Small Business Attorneys,  Mediation Services,  Child Cus
    Patricia T Brennan Law Office
    31 Turner Ln
    West Chester, PA 19380
    (610) 430-7300
    Attorneys,  Legal Service Plans,  Family Law Attorneys,  Divorce Attorneys,  Arbitration Services,  
    Pettine Andrea B
    158 W Gay St # 201
    West Chester, PA 19380
    (610) 692-7090
    Attorneys,  Family Law Attorneys,  Mediation Services,  Arbitration Services,  General Practice Atto
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US