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 Memphis, TN

FAQs on Living Trust in Memphis, TN


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 TN 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 Memphis, TN
Whitworth Jason G
202 S Cooper St # 4
Memphis, TN 38104
(901) 729-9999
General Practice Attorneys, Attorneys, Legal Service Plans
Teague Law Firm
3355 Poplar Ave # 107
Memphis, TN 38111
(901) 452-9995
General Practice Attorneys, Attorneys, Legal Service Plans
Sampson Ross
8 S 3rd St # 101
Memphis, TN 38103
(901) 575-9922
General Practice Attorneys, Attorneys, Legal Service Plans
Kimberly Avery
1331 Union Ave
Memphis, TN 38104
(901) 725-9898
General Practice Attorneys, Attorneys
Cornaghie Christopher
2670 Union Avenue Ext # 819
Memphis, TN 38112
(901) 454-9888
Attorneys, General Practice Attorneys, Social Security Consultants & Representatives, Legal Service
Pollan Dobbs, PLLC
5100 Poplar Ave, #2730
Memphis, TN 38137
(901) 878-9849
Attorneys,  Social Security & Disability Law Attorneys,  Personal Injury Law Attorneys,  Employee Be
Hickman Goza & Spragins PLLC
119 S Main St
Memphis, TN 38103
(901) 881-9840
Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  Insurance Attorneys,  Wills, T
Glasgow, Ray W Atty PLLC
44 N 2nd St
Memphis, TN 38103
(901) 527-9819
Attorneys,  DUI & DWI Attorneys,  Personal Injury Law Attorneys,  Child Custody Attorneys,  Family L
Breakstone, Stuart
6477 Cottingham Pl
Memphis, TN 38120
(901) 761-9800
Personal Injury Law Attorneys, Attorneys, Family Law Attorneys
Harviel Law Office
140 Jefferson Ave
Memphis, TN 38103
(901) 543-9799
General Practice Attorneys, Attorneys, Legal Service Plans
Cordts Law Firm PLLC
6263 Poplar Ave # 1132
Memphis, TN 38119
(901) 537-9786
Attorneys,  General Practice Attorneys,  Bankruptcy Services,  Legal Service Plans,  Bankruptcy Law
Bailey & Greer
6256 Poplar Ave
Memphis, TN 38119
(901) 680-9777
Attorneys
Zuck John M
6256 Poplar Ave
Memphis, TN 38119
(901) 680-9777
General Practice Attorneys, Attorneys
The Handley Law Firm
100 N Main St # 2348
Memphis, TN 38103
(901) 527-9693
General Practice Attorneys, Attorneys, Legal Service Plans
Eskridge & Eskridge Law Firm
100 N Main St
Memphis, TN 38103
(901) 522-9600
Entertainment & Sports Law Attorneys,  General Practice Attorneys,  Personal Injury Law Attorneys,  
May Matthew T
80 Monroe Ave
Memphis, TN 38103
(901) 527-9600
General Practice Attorneys, Attorneys
McKenna Shannon N
80 Monroe Ave
Memphis, TN 38103
(901) 527-9600
General Practice Attorneys, Attorneys
Law Office JM Dowdy
200 Poplar Ave # 103
Memphis, TN 38103
(901) 523-9577
General Practice Attorneys, Attorneys
Chism Lance R
44 N 2nd St
Memphis, TN 38103
(901) 578-9545
Attorneys, Legal Service Plans
Billings Paul
5305 Distriplex Farms Dr
Memphis, TN 38141
(901) 881-9515
Attorneys, Corporation & Partnership Law Attorneys, Patent, Trademark & Copyright Law Attorneys, Leg
Billings Paul
5305 Distriplex Farms Dr
Memphis, TN 38141
(901) 881-9515
Attorneys
The Wright Law Office
1331 Union Ave. Suite 1147
Memphis, TN 38104
(901) 297-9500
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
Orange Law Firm
6240 Poplar Ave # 1
Memphis, TN 38119
(901) 753-9499
General Practice Attorneys, Attorneys
Louis Chiozza
230 Adams Ave
Memphis, TN 38103
(901) 526-9494
Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Malpractice Law A
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US