Question 1: Who needs a Living Trust?
There is no one simple answer to this question, but in general, the more property you own the greater the benefit you may be able to receive by creating a living trust. A living trust?s primary role is to transfer property to your beneficiaries without having to go through probate. If you don?t have a lot of property to transfer, you may not have any need for a Living Trust.
Question 2: If I create a living trust do I still need a Will?
Yes. A Will is the only instrument in which you can make certain choices, such as naming an executor for your estate or naming a guardian to care for your minor children or incapacitated adults under your care. Also, a will can serve as a safety net for any property you haven?t transferred to your Living Trust.
Question 3: Is a Living Trust the only kind of trust I can, or need to, use?
There are a wide variety of trusts available and each is useful to different people in different situations. If, for example, you care for a child with disabilities and want to ensure the child has financial security if you were to die, you can create a special needs trust. This is not the same as a living trust and has different limitations and requirements. Regardless of your needs, you should talk to an attorney so he or she can advise you on the kind of trusts that may fit your needs and desires.
The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.
Tags: living trust, trust administration
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Source: http://www.cheryldavid.com/blog/estate-planning/living-trusts-faq/
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