Living Trust FAQ

Questions:

• What is a living trust?
• Why should I make a living trust?
• How does a living trust avoid probate?
• Is it expensive to create a living trust?
• Is it a hassle to hold property in a living trust?
• Is a living trust document ever made public, like a will?
• Does a living trust protect property from creditors?
• If I make a living trust, do I still need a will?
• Can a living trust reduce estate taxes?

Answer:

Is it a hassle to hold property in a living trust?

Making a living trust work for you does require some crucial paperwork. For example, if you want to leave your house through the trust, you must sign a new deed, showing that you now own the house as trustee of your living trust. This paperwork can be tedious, but the hassles are fewer these days because living trusts have become so common.

For more on holding property in a trust, see Nolo's article Make A Living Trust: A Quick Checklist.