12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

FAQs on Living Trust in Hopkinton, IA

FAQs on Living Trust in Hopkinton, IA


Good plans shape good decisions. That's why good planning helps to make elusive dreams come true.
 
- Geoffrey Fisher


A Living Trust is also known as "inter vivos", Latin for "among the living". It is a trust arrangement you create while you are still alive.

What is a Living Trust?

A Living Trust is an arrangement where a trustee is assigned to hold legal title over the property of another person or beneficiary. You can be the trustee of your own living trust to ensure full control of all the properties indicated in the document.

There are different types of living trust that can help avoid legal processes of proving the validity of a will, reduce estate tax, and create a long-term property management.

Why Make a Living Trust?

A living trust can avoid an expensive legal process to prove the legality of a will. Properties that are left through the trust are protected from probate. The process usually takes months before the beneficiary gets anything. After the proceedings, some of the value of what has been left would have been already consumed by attorney's fees and other legal charges.

Does a Living Trust Prevent Probate?

Yes, the appointed trustee would handle the transfer the ownership of the property to the beneficiaries outlined in the trust, without needing to go through probate. This process only takes weeks and may completely avoid all lawyer and court fees. When all the trust assets have been completely transferred to the beneficiaries, the living trust simply ceases to exist.

Is it expensive to create a living trust?

No, creating a living trust at 12Law is fast easy and very affordable.

Is it difficult to hold property in a Living Trust?

No, holding property, and transferring property into and out of a trust are not particularly difficult to administer.

Is there a possibility that a living trust will be made public like a will?

No, unlike a will, a living trust does not need to be made public.

Will a living trust protect you from creditors?

No, creditors who win a lawsuit against you can go after your property even if it is placed in a trust. All your properties held in trust are subject to your lawful debts. This is true even after you pass away, but the confidentiality of a living trust may make it difficult for creditors to identify beneficiaries.

If I have a Living Trust, do I still need a will?

Yes, you need a will to cover any assets that have not been transferred into your living trust. Your will can stipulate the beneficiaries of your entire estate, whereas the living trust only addresses assets that were placed into the trust.

The distribution of your of your assets if you die without a will would depend on the law of the state in which you reside. Typically, it goes to the closest relatives. It is up to the state court to decide, so if you want a say in the distribution of your residual estate, it is important to make a will alongside your living trust.

Can a living trust reduce estate taxes?

A living trust has no effect on the state or federal tax, all the trust assets will be added to your personal estate. However, only estates that are worth more than $5.34 million in 2014 (indexed for inflation) will owe federal estate tax.

 
Personalize & Print a Free IA Living Trust Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Related Legal Services near Hopkinton, IA
Aspelmeier Kenneth Atty
131 Maple Dr
Mediapolis, IA 52637
(319) 394-3953
General Practice Attorneys, Attorneys
Anderson Law Firm
2004 23rd St
Harlan, IA 51537
(712) 755-3807
Attorneys
Silko John R
22719 Monarch Trl
Bloomfield, IA 52537
(641) 459-3320
Attorneys, Legal Service Plans
Lynch Susan
207 S Washington St
Bloomfield, IA 52537
(641) 664-3188
Attorneys,  Abstracters,  General Practice Attorneys,  Title Companies,  Legal Service Plans
Kohorst Kathleen S
602 Market St
Harlan, IA 51537
(712) 755-3156
General Practice Attorneys, Attorneys
Swain Bryan D
711 Court St
Harlan, IA 51537
(712) 755-3141
Attorneys
Lauterbach, Joseph C - Salvo Deren Schenck Lauterbach
711 Court St
Harlan, IA 51537
(712) 755-3141
Accident & Property Damage Attorneys, Attorneys, Criminal Law Attorneys
Jahn Jr William
621 Main St
Mediapolis, IA 52637
(319) 394-3136
Attorneys, Legal Service Plans
Aspelmeier Law Office
621 Main St
Mediapolis, IA 52637
(319) 394-3136
Attorneys, General Practice Attorneys, Legal Service Plans
Lynch Law Office
17488 Highway 63
Bloomfield, IA 52537
(641) 664-2241
Criminal Law Attorneys, General Practice Attorneys, Attorneys
Hudson Matthew J
502 Market St
Harlan, IA 51537
(712) 755-2111
Attorneys
Hall Robert W
502 Market St
Harlan, IA 51537
(712) 755-2111
Attorneys
Hall Hudson
502 Market St
Harlan, IA 51537
(712) 755-2111
Attorneys, General Practice Attorneys, Legal Service Plans
Richardson Law Office
111 S Madison St
Bloomfield, IA 52537
(641) 664-2080
General Practice Attorneys, Attorneys
Martin John B
101 S Madison St
Bloomfield, IA 52537
(641) 664-2025
Attorneys, Legal Service Plans
Davis County
207 S Washington St
Bloomfield, IA 52537
(641) 664-2010
Attorneys
Larson - Christensen Atty
620 Market St
Harlan, IA 51537
(712) 755-2000
Attorneys, Legal Service Plans
Swaim R Kurt
108 E Jefferson St
Bloomfield, IA 52537
(641) 664-1983
General Practice Attorneys, Attorneys, Legal Service Plans
Woods Shannon J
102 E Franklin St # 1
Bloomfield, IA 52537
(641) 664-1859
Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
Gross Jr Marcus
1006 8th St
Harlan, IA 51537
(712) 733-1122
General Practice Attorneys, Attorneys, Legal Service Plans
Willson & Pechacek Plc
1121 7th St
Harlan, IA 51537
(712) 755-1111
Attorneys, Legal Service Plans, Estate Planning Attorneys
Kolln Lonny
1121 7th St
Harlan, IA 51537
(712) 755-1111
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US