Trusts FAQs

There are several factors to consider when deciding whether to make a living trust. A living trust can reduce or eliminate the estate tax burden for your beneficiaries. It can also keep your estate out of the probate court, which would make your estate and the proceedings public. For privacy purposes, a living trust establishes the closed-door policy and allows your family affairs to be handled internally.

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

Not if you do not want to. The trustee of the revocable trust controls the assets. In most cases, you can nominate yourself as the trustee of the revocable trust as long as you are able.

Unfortunately, not at this time. Since you are the trustee of the revocable trust, that would name you as the holder, and thus your creditors can get at those assets.

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

There are a variety of trust structures that are available to reduce or eliminate estate tax burdens.

At the creation of a trust, typically you should be the original trustee. Your successor can be an individual or a group who are trustworthy and fiscally responsible.

Trust structures are only made public if they are contested or if the creators so desire. Note that the last will becomes a matter of public records through the probate court.

Typically, you wouldn’t have to change the information on your checks. However, some institutions require you have checks issued in the name of your trusts.

Trusts have the potential to be contested in court. However, it can be avoided with what is called a terror clause.