The Living Revocable Trust (Intervivos Trust) avoids probate, by transferring title, by operation of law, to the trustee of the trust. Title to all trust assets is passed to the trustee automatically, without any court involvement. The trustee is...
What are the primary advantages of a Living Trust?
The main advantage of the Revocable Living Trust is that, after the death of the testator, it instantly transfers title of assets to the successor trustee(s) by operation of law, without the intervention of the probate court. A properly drafted...
Does the Living Trust protect my assets from creditors?
The Living Trust is not a liability shield. The Trust may afford the creators additional privacy and may make it more difficult for creditors to locate, but assets owned by the creators as trustees of their own trust are still subject to the...
Will I lose control of my assets if I transfer them into my Living Trust?
A Trust can be drafted to limit the control of the trustee over trust assets. However, in the vast majority of cases, where a single individual or a married couple create a Living Revocable Trust, they grant to themselves, as trustees of their...
Which assets must be titled in the name of the Trust?
All assets which are not exempt from probate according to the probate code should be transferred into the trust. This includes real estate, bank accounts, certificates of deposit, money market funds, mutual funds, stocks, bonds, limited...
Can I take assets out of the Trust once they are put into the Trust?
Yes! The creator of the trust is able to take any asset out of the trust or put any asset into the trust. For example, if the creator of a trust had opened up a savings account at a bank and had titled the account in the name of the trust, the...
If I purchase a new home…do I have to change my Trust?
Absolutely not. The Creator of the trust can and should continue to invest in a variety of different assets to achieve a secure and somewhat diversified portfolio. As the creator continues to buy and sell properties and assets, the trust document...
How do I correctly title Trust assets?
The most complete and thorough way to title a trust asset will include the name of the trustee(s), the name of the trust and the date the trust was created. For example, Mr. John Doe and Mrs. Mary Doe, Trustees of the Doe Family Trust, Dated July...
How do I make changes in my Trust?
An amendment can be made to effectuate a change in a trust document. The amendment may revoke or eliminate an existing term or it may add an additional term. A valid amendment will revoke that portion of the trust that is unwanted or conflicting...