Standard Legal believes that most people decide to create a Living Trust primarily to avoid Probate Court for their beneficiaries after their own passing.
A Testamentary Trust does not avoid Probate.
Living Trust Questions
Answers to Frequently Asked Living Trust Questions
How is Future Income Covered in a Trust?
Unless some other instruction is provided within the Living Trust document, future income or interest generated from the Trust’s assets is usually property of the Trust.
Should a Living Trust Be Filed with a County Recorder?
Revocable Living Trusts are not required to be recorded for the document to be valid and effective.
Is a Person’s Bank Account Always Part of Their Trust?
The first consideration as to whether or not a personal bank account is part of that person’s Living Trust: is the bank account expressly named as an account of the Trust.
Can Standard Legal’s Living Trust Software Be Used to Create a QTIP?
A QTIP Trust is a provision in a Trust, not a type of Trust.
The QTIP provision permits the surviving spouse to receive income from the trust’s assets for life, with the trust’s principal being left to the grantor’s children upon the passing of the spouse.
And yes, Standard Legal’s Living Trust software does contain one structure with the QTIP provision.
Does a Beneficiary Have a Say in How a Trust’s Assets are Managed?
The Trust document will describe how the Trust property is managed and eventually distributed.
Do I Use a Quitclaim Deed to Transfer a Car Into My Living Trust?
A Quitclaim Deed cannot be used for a vehicle, only real estate property. A vehicle is transferred by vehicle title through the BMV.
Can I Create a New Trust with the Same Name as a Previous Trust?
Yes, a newly created Living Trust can be named the same as a previous Trust.
But the name of the old trust and the new trust will likely be dated differently, which can require the transfer of assets as well.
Is a Living Trust Valid if the Donor Moves to Another State?
A Trust will continue to remain valid and enforceable if properly executed even if the Donor or Trustee change their state residence after execution.
What is the Difference Between a Revocable and Irrevocable Living Trust?
An Irrevocable Trust is a type of trust that cannot be changed after the agreement has been signed.