LIVING
TRUSTS








  

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Attending an airshow with "Granpa Joe" and the boys.

 What is a Living Trust? 

Think of a living trust as being like a safe, or your own "Fort Knox" that houses your personal assets. In that trust, or "safe", is instructions that state exactly who is to distribute and receive your assets. The assets move privately and quickly to named heirs on your passing, without the involvement of probate court. This is the main reason why most people prefer a living trust to a will; privacy and no court involvement. There is the "living" part of living trust. Your trust assigns someone to make medical and financial decisions for you when you are incapacitated. Think of the trust as a written contingency plan for your life. 

What happens if you get sick?

Your trust will name someone to make financial and medical decisions for you until you get better. Because all the instructions are all there on paper, there is no need for probate to get involved. When you get better, you simply take over where you left off before you were sick. 

Once the trust is set up is it harder to control my accounts? 

There is no difference at all with your accounts as far as control is concerned once you set up a trust. Your accounts will work that same as they did before you set up a trust. 

How hard is it to put accounts and real estate into the trust? 

Not hard at all. Most financial institutions have a simple form for you to fill out. You can also bring your trust to your bank(s) and they will do all the work for you. Your trust provider will make new property deeds that transfer property to your trust. 

Are there taxes for transferring a house into the trust? 

There are NO TAXES, and transferring real estate into a trust does not effect proposition 13. Why? You are not changing beneficial interest. You are going from yourself, to yourself, inside your trust. There are only tax issues if you transfer your real estate to a 3rd party. Again, there are no county, state or federal taxes for transferring property in to a trust. 

Can't I just put my spouse as joint tenant on my property instead of getting a trust? 

If you pass before your spouse, they could remarry and add their new spouse as joint tenant. The house could end up going to their family.  If you set up a trust, the home would go directly to whomever you named in the trust to receive the property, regardless of who dies first. 

Don't you need to have a certain amount of money before considering setting up a trust? 

If you have children, own a home and do not want to be subject to the perils of probate, you should have a trust. If you want someone to make medical and financial decisions for you when you are sick without the courts, then you should have a living trust. 

How quickly can a trust be set up? 

The Trust Pros make it easy.  There are two meetings, each one takes about an hour.  Your trust can be turned around in less than a week. 

Why The Trust Pros? 

Many companies out there offer multiple services and dabble with living trusts. This is all we do. Chances are that if you are reading this, you may already be aware that The Trust Pros is an award winning legal document service with attorney reviewed living trusts. Our company is the only one including house calls and an attorney letter with your living trust package. Some banks are now asking for attorney letters to accompany each trust as proof that the trust is valid. This trend is a direct result of thousands of failed trusts set up by people who tried to make theirs on their own or from using online services. 

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