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 Jewett, IL

FAQs on Living Trust in Jewett, IL


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 IL 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 Jewett, IL
Zelazny Eric G
10 S Chicago St
Joliet, IL 60436
(815) 774-9717
Attorneys, Legal Service Plans
Devriendt & Assoc
10 S Chicago St # 100
Joliet, IL 60436
(815) 723-8300
Attorneys Referral & Information Service, Attorneys, General Practice Attorneys
Dueringer William J
110 E 9th St
Gibson City, IL 60936
(217) 784-8256
General Practice Attorneys, Attorneys, Legal Service Plans
Lee Ellen M
308 N Sangamon Ave
Gibson City, IL 60936
(217) 784-8216
Real Estate Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
Eckhardt Lee Law Office
308 N Sangamon Ave
Gibson City, IL 60936
(217) 784-8216
General Practice Attorneys, Attorneys, Legal Service Plans
Mark Helman Julie
310 N Main St # 2
Galena, IL 61036
(815) 777-8008
General Practice Attorneys, Attorneys, Legal Service Plans
Donald Gould
307 Moen Ave
Rockdale, IL 60436
(815) 725-7665
Attorneys Referral & Information Service,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,  
Stumpf Alan E
222 S Main St Ste 3
Columbia, IL 62236
(618) 281-7626
Estate Planning Attorneys, Attorneys, Criminal Law Attorneys, Business Law Attorneys, Real Estate At
Stumpf & Gutknecht PC
222 S Main St
Columbia, IL 62236
(618) 281-7626
Wills, Trusts & Estate Planning Attorneys, Attorneys, General Practice Attorneys, Legal Service Plan
Traughber Arlie
217 S Main St
Columbia, IL 62236
(618) 281-7614
Attorneys, General Practice Attorneys, Title Companies, Legal Service Plans
Honegger Michael J PC
12900 W Farmington Rd
Hanna City, IL 61536
(309) 565-7172
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Real Estate Attorneys,  Family Law Attorney
Crowder & Scoggins Ltd
121 W Legion Ave
Columbia, IL 62236
(618) 281-7111
Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Atto
Troka William G
520 S Midland Ave
Joliet, IL 60436
(815) 725-7088
Attorneys, General Practice Attorneys
Evans Catherine
108 Veterans Pkwy
Columbia, IL 62236
(618) 281-6336
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Kogut John M Law Office
410 S Chicago St
Joliet, IL 60436
(815) 722-5000
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, Personal Injury Law Atto
Weeks & Brucker Ltd
134 N Sangamon Ave
Gibson City, IL 60936
(217) 784-4995
Attorneys
Haney Steven C
10 S Chicago St
Joliet, IL 60436
(815) 768-3841
Attorneys, Traffic Law Attorneys
Hayes Robert A
833 N Main St
Columbia, IL 62236
(618) 281-3080
Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Family Law Attorneys,  Accident & Propert
Gallagher Elizabeth
404 N Main St
Columbia, IL 62236
(618) 281-2920
Attorneys, Probate Law Attorneys, Estate Planning, Probate, & Living Trusts, Wills, Trusts & Estate
Albee David
320 Elk St
Galena, IL 61036
(815) 777-2804
General Practice Attorneys, Attorneys
Lantz Leanne M
10 S Chicago St # 100
Joliet, IL 60436
(815) 722-2550
General Practice Attorneys, Attorneys Referral & Information Service, Attorneys
Vincent Roth Toepfer & Leinen P.C.
122 N Main St
Galena, IL 61036
(815) 777-0533
General Practice Attorneys, Attorneys, Legal Service Plans
Roliardi Law Office
11661 W Chetlain Ln
Galena, IL 61036
(815) 776-0011
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US