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If a person can have more than one living trust are there anythings to avoid with multiple trusts?
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What is the difference between a living trust and other trusts?
A living trust can be modified while the person is still a live. Other forrms of trusts do not allow them to be modified.
Can you have more than one living trust?
Yes. A person can have any number of trusts for various purposes and for various beneficiaries.
Are living trusts revocable?
Yes, revocable living trusts have become a viable alternative to the traditional wills in many States . These trusts are favored because they allow you to have more control over your estate when you live and after your death.
Where can I get information online regarding A-B trusts?
You can get information about AB trusts online at a number of websites. I recommend that you go to http://www.nolo.com/legal-encyclopedia/article-29621.html, http://www.finweb.com/retirement/ab-trusts.html, http://www.legalzoom.com/living-trusts-guide/a-b-living-trusts.html and http://estate.findlaw.com/estate-planning/trusts/trusts-ab-trusts.html.
Do I need a living trust?
If you are already writing a living will so you don't have to worry about your estate in the future it is a good idea to write a living trust as well. For more information about living trust http://www.legalzoom.com/living-trusts/living-trusts-overview.html and scroll down to where it talks about living trust.
What has the author John R Cohan written?
John R. Cohan has written: 'Drafting California Inter Vivos Trusts' 'Drafting California irrevocable inter vivos trusts' -- subject(s): Living trusts
What has the author Ronald Farrington Sharp written?
Ronald Farrington Sharp has written: 'Living trusts for everyone' -- subject(s): Estate planning, Living trusts 'Winning the divorce war' -- subject(s): Popular works, Divorce suits
Where can I find information on living trusts in Michigan?
An excellent source for information on living trusts in Michigan can be found at Nupp Legal's website at http://www.nupplegal.com/livingtrust-michigan.html. If you are looking for documentation that you can print out immediately I recommend www.createmylivingtrust.com. You can find information on living trusts in Michigan at http://www.michigan.gov/ag/0,1607,7-164-17334_18156-44727--,00.html. This website is published by the Office of the Attorney General.
What does living trusts usually mean?
A living trust is an option some people choose instead of a will. When one is written, the person is transferring their assets to someone else. One of the main reasons they are used is because they are not a public document, and your wishes are kept private.
How to Establish a Trust?
Trusts are legal documents where clients can designate beneficiaries to their assets and guardianship of minor children. Privacy is the primary reason clients select trusts rather than wills. Wills are handled publicly in probate court. The trust process involves several people. The grantor is the person who creates the trusts. The beneficiaries are the recipients of the assets. The trustee is the person that acts as an executor of the trust to ensure that the assets are divided appropriately. The trustee may be anyone that the client trusts to properly distribute the assets. A friend, family member or attorney may be a trustee.Two types of trusts exist: revocable trusts and irrevocable trusts. Revocable trusts allow the grantor to change or revoke the trust over time. Irrevocable trusts cannot change once created. Some individuals establish trusts through instructions in a will after the deceased client passes. Others choose to establish trusts before death. The timing is dependent upon personal choice.Clients with assets of any amount may establish a trust. Trusts may be used to fund education costs for offspring or grandchildren. Spouses may also be the beneficiaries of trusts. The trusts provide instructions to trustees of how to distribute the funds or assets described in the trust document. In addition to the amount, the trust may also designate the frequency and contingencies associated with releasing the funds.Experts advise clients against transferring tax-deferred retirement accounts to a trust. The transfer will result in a taxable transaction and may incur penalties. Experts suggest a provision in the will to transfer the assets from retirement accounts into the trust upon death to avoid tax penalties. This type of will is sometimes referred to as a pour over will. Experts also recommend adding jewelry and other personal effects to a pour over will instead of a trust.Just as there is a living will, there is also a living trust. The living trust is revocable and established while the client is still alive. If the client becomes disabled or incapacitated, a living trust is a means by which the individual will designate a person to handle the estate during this time.
Where is the form for the irrevocable trust Is the living trust the same as an irrevocable trust?
The biggest difference between the trusts is that the Living Trust is revocable and can be changed over time. For detailed information visit: http://www.ultratrust.com/revocable-trusts-vs-irrevocable-trusts.html
Is there a way around probate court?
Establish Living Trusts. Also: See below link:
