Do I Need A Living Trust?
Living Trusts 101
trust, like a corporation, is an entity that exists only on
paper but is legally capable of owning property.
A flesh and blood person, however, must actually be in charge
of the property; that person is called the trustee.
You can be the trustee of your own living trust, keeping
full control over all property legally owned by the trust.
There are many kinds of trusts.
A living trust (also called an inter vivos trust) is simply a
trust you create while you're alive, rather than one
that is created at your death under the terms of your will.
All living trusts are designed to avoid probate.
Some also help you save on death taxes, and others let you set
up long-term property management.
Property held in trust is actually "owned" by the trustees
of the trust, subject to the rights of the beneficiaries. The
trust itself doesn't actually own anything.
I need a living trust? Property you transfer
into a living trust before your death doesn't go through
probate. The successor trustee, the person you appointed to
handle the trust after your death, simply transfers ownership
to the beneficiaries you named in the trust.
rest of the article answers these other 4 questions:
expensive to create a living trust?
Is a trust
document ever made public, like a will?
Does a trust
protect property from creditors?
Can a living
trust save taxes?
For more Living Trust information
click on the
rest of the article.
Or if you want to talk or ask me questions, call me, Paul Sullivan, at 240-316-3531.
As always you can call our offices if you have any
questions about these or any other accounting related issues, at 301-657-8080.
Regards, Paul Sullivan, CPA