In most states, mobile homes are “titled” like vehicles and are not considered real property (where ownership is evidenced by a deed, like land or a permanent home).
Living Trust Questions
Answers to Frequently Asked Living Trust Questions
Does a Living Trust’s Pour-Over Will Go Through Probate Court Upon a Person’s Death?
A Living Trust avoids probate because the property is owned by the Trust and not by the individual. So Trust property is not a part of any person\’s estate when that person dies.
But to avoid probate, the property must be placed into the Trust BEFORE the original property owner dies.
Can a Living Trust Have Both Revocable and Irrevocable Components?
Yes, a Living Trust document can certainly contain both revocable and irrevocable components within it. But care in drafting this type of Trust must be used to ensure that the trust is properly funded, and that assets become held by the “irrevocable portion” of the trust only at the intended time. Get complete details on … Read more
Does a Timeline Requirement Exist for the Payment of Trust Assets to Its Beneficiaries?
The terms contained within a Revocable Living Trust will dictate when the named beneficiaries are to receive Trust assets; or, if the trustee is granted discretion in issuing payments, the payments are required when the trustee determines in his discretion that they are required.
Can I Protect My Home Through a Trust Prior to Filing Bankruptcy?
A debtor in a bankruptcy cannot take advantage of state exemptions to shield any asset from bankruptcy, nor can a debtor sell or transfer assets simply to ‘protect’ them.
Should I Create a Living Trust for an Estate Valued at Less Than $2 Million?
The value of creating a Living Trust is in its functionality, and not simply a decision that should be made based solely on the dollar value of the assets it is to contain.
What is the Difference Between an A/B Trust and a Joint Trust?
The difference between an A/B Revocable Living Trust and a Joint Revocable Living Trust is that the A/B trust permits the maximization of the “joint marital credit” for estate tax purposes.
How Should an Asset Transferred to a Trust Be Titled?
Typically, the title of an asset should be transferred from the individual owner’s name(s) to the names of the Trustee of the Trust.
If I Create a New Living Trust with Standard Legal, How Does It Affect My Existing Trust?
Assuming that you are creating a new Living Trust with the intent of replacing your existing one (i.e., you are not creating a second trust funded with assets not covered previously), the new Trust documents would supersede and take precedence over the existing documents.
Should We Use a Social Security Number or Employee Identification Number When Creating a Living Trust?
The answer depends exclusively upon how you wish to have your trust identified.
In most instances, you are permitted to obtain a federal tax ID number for your Trust, but said number may not be required, depending on how the trust will be taxed.