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 Zip Code 20146

FAQs on Living Trust in Zip Code 20146


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 VA 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 Zip Code 20146
Benton & Potter PC
125 Rowell Ct
Falls Church, VA 22046
(703) 992-9255
General Practice Attorneys, Attorneys
Capital Legal Solutions
150 S Washington St Ste 202
Falls Church, VA 22046
(703) 533-8020
Attorneys, Legal Service Plans
Kelm Gerhard
103 Rowell Ct
Falls Church, VA 22046
(703) 536-7925
Attorneys, Legal Service Plans, Labor & Employment Law Attorneys, Immigration Law Attorneys, Corpora
Sheri R. Abrams
400 S. Maple Ave., Suite 210
Falls Church, VA 22046
(703) 536-7778
Social Security & Disability Law Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning Att
James E Ruland
7515 Fairwood Ln
Falls Church, VA 22046
(703) 560-7771
General Practice Attorneys, Attorneys, Legal Service Plans
Kendall Robert
150 Little Falls St
Falls Church, VA 22046
(703) 533-7756
General Practice Attorneys, Attorneys, Legal Service Plans
Werblood Mark F
113 Rowell Ct # 2
Falls Church, VA 22046
(571) 814-5385
Attorneys, General Practice Attorneys, Legal Service Plans, Criminal Law Attorneys, DUI & DWI Attorn
Tesler & Werblood
113 Rowell Ct
Falls Church, VA 22046
(571) 814-5385
Attorneys, Criminal Law Attorneys, Labor & Employment Law Attorneys, Divorce Attorneys, DUI & DWI At
Moran Kenneth R
6072 Spotswood Trl
Penn Laird, VA 22846
(540) 289-5151
General Practice Attorneys, Attorneys, Legal Service Plans
Danzig Jeffery Law Office
803 W Broad St Ste 720
Falls Church, VA 22046
(703) 241-4917
General Practice Attorneys, Attorneys
Holland Edward M
711 Park Ave
Falls Church, VA 22046
(703) 528-4505
Attorneys, Legal Service Plans
Mary Mertz Parnell Law Office
701 W Broad St Ste 202
Falls Church, VA 22046
(703) 532-4480
Attorneys,  General Practice Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Att
Alexakis Kostas
900 S Washington St # G1
Falls Church, VA 22046
(703) 891-4000
Attorneys
Falls Church Immigration
100 N Washington St Ste 312
Falls Church, VA 22046
(703) 237-3740
Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
Laster John L
103 Rowell Ct
Falls Church, VA 22046
(703) 538-3600
General Practice Attorneys, Attorneys, Legal Service Plans
Potorac Law Office
701 W Broad St Ste 206
Falls Church, VA 22046
(703) 534-3424
Attorneys, General Practice Attorneys, Legal Service Plans
Mercado Law Firm PLC
115 Hillwood Ave
Falls Church, VA 22046
(703) 532-3200
General Practice Attorneys, Attorneys, Legal Service Plans
Kestell & Associates
209 Midvale St
Falls Church, VA 22046
(703) 237-2912
Sexual Harassment Attorneys, Attorneys
Russell & Russell Pc
282 N Washington Stste 1
Falls Church, VA 22046
(703) 241-1976
Bankruptcy Law Attorneys, Bankruptcy Services, Litigation & Tort Attorneys
National Legal & Policy Ctr
107 Park Washington Ct
Falls Church, VA 22046
(703) 237-1970
Attorneys Referral & Information Service, Legal Service Plans, Attorneys
Mothershead Law PLC
513 West Broad Street, Suite 806
Falls Church, VA 22046
(231) 271-1501
Attorneys
Maloney & Yuracheck Inc
104 N Oak St
Falls Church, VA 22046
(703) 237-1470
Estate Planning Attorneys, Attorneys, Tax Attorneys, Business Law Attorneys, Legal Service Plans
Gelber Jonathan
100 N Washington St # 402
Falls Church, VA 22046
(703) 237-1200
General Practice Attorneys, Attorneys, Legal Service Plans
Chasen Barry
103 W Broad St # 100
Falls Church, VA 22046
(703) 538-1138
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US