8. Can I transfer real estate into a Living Trust?
Yes, you can! In fact, all real estate should be transferred into your Living Trust. If your real estate is not transferred into your Living Trust, upon your death, depending upon how you hold title, there will be a death probate in every state in which you hold real property. When your Living Trust is made the owner of all of your real estate, no state has the right to bring your property through probate. You can avoid a lot of hassle by putting your real property into the name of your Living Trust.
9. Is the Living Trust some kind of loophole the government will eventually close down?
No, that is not the case. The reason behind this is that the government really has no interest in making you or your family go through a probate process, that will only further clog up the legal system. The government is more concerned about you paying taxes (refer to part two for more on this). As long as taxes are paid, they have no reason to have your property go through probate, unless your wishes for how the property is meant to be disposed of is not know like it would be via a Living Trust. A Living Trust avoids probate so that your estate is settled exactly according to your wishes.
10. Isn’t a Living Trust only for the rich?
No, this is a myth. A Living Trust can help anyone protect his or her family from unnecessary probate fees, attorney’s fees, court costs and federal estate taxes. In fact, if your estate is greater than $100,000, you’ll find a Living Trust offers substantial benefits for you and your family.
11. Can any attorney create a Living Trust?
Again, no. You should choose an attorney whose practice is focused on estate planning. Members of the American Academy of Estate Planning Attorneys – http://www.aaepa.com – receive continuing legal education on the latest changes in any law affecting estate planning, allowing them to provide you with the highest quality estate planning service anywhere. Working with a well-informed and educated attorney with plenty of experience is important and will allow you to rest easy knowing that your final wishes are in capable hands.
Didn’t see the question that you want answered? Comment on our article on Facebook, or send us an email at email@example.com and we will do our best to address your topics in future news blogs. Remember to check out parts one and two of the series on Estate Planning too!