Q) Should I make a living Trust

A) It depends. If you need to reduce or eliminate estate tax, yes. If you want to keep your estate out of the probate court, yes. If you want to keep your asset and family affairs private, yes.

Q) Does a Trust avoid probate?

A) If your trust is properly established and maintained, it will avoid the probate court.

Q) Do I give up control of my assets with a revocable trust?

A) No. The trustee of the revocable trust controls the assets. While you have capacity and while you are living, you are the trustee of the trust.

Q) Are my assets protected from creditors if they are funded into a Trust?

A) No. Since you are the Trustee of the revocable trust, and so, in control of the assets in it, your creditors can get at those assets?

Q) Do I need a will if I setup a Trust?

A) Yes. A proper estate plan will include a will to guide assets to your trust if you failed to transfer them during your lifetime.

Q) Can a Trust help me reduce or eliminate estate tax?

A) Yes. A variety of trust structures are available to reduce of eliminate estate tax such as the charitable trust and the revocable trust

Q) Who should be the trustee of my Trust?

A) An individual or group of individuals who are trustworthy and fiscally responsible.

Q) Is my Trust made public after I pass away?

A) Unlike the will which becomes a matter of public record through the probate court, trust structures are only made public if they are contested or if the creators so desire.

Q) Do I have to change the information on my checks if my account is in a Trust?

A) In most cases no. However, some institutions require you have checks issued in the name of your trust.

Q) Can a trust be contested in court?

A) Yes. Trusts can be contested but this action can be deterred with a terror clause.

Q) What are the disadvantages of trusts?

A) Cost, paperwork, maintenance, absence of court supervision