West Virginia Living Trusts

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Commonly Asked Questions about West Virginia Living Trusts

What is a living trust in WV?

A living trust in West Virginia allows you to keep your assets in trust during your life while you use and control them. After you die, the assets in the trust are distributed to your beneficiaries as per your instructions.

What is the downside of a living trust?

Limited Asset Protection: While it provides privacy, a living trust may not shield assets from creditors or lawsuits as effectively as an irrevocable trust. Funding Challenges: Transferring assets into the trust can be overlooked or require constant updates as financial situations change.

What is the primary purpose of a living trust?

The main purpose of a living trust is to provide a flexible and efficient way to manage and distribute assets after the grantors death while avoiding the costly and time-consuming probate process.

What is the best type of living trust?

An irrevocable trust offers your assets the most protection from creditors and lawsuits. Assets in an irrevocable trust arent considered personal property. This means theyre not included when the IRS values your estate to determine if taxes are owed.

What are reasons to not have a trust?

Probate avoidance is the only goal. While this is an admirable goal, a trust may not be the only way to avoid probate. You have straightforward wishes. Youre motivated by tax savings or Medicaid eligibility. Youre not great at follow-through.

What is the best state to set up a living trust?

There are 7 states that are generally considered the best in which to establish your trust: Alaska, Delaware, Nevada, New Hampshire, South Dakota, Tennessee and Wyoming.

Should bank accounts be included in a living trust?

Creating a revocable living trust gives you a legal document that will protect your property, including your bank accounts and any other assets in your estate. You should put your bank accounts in a living trust to ensure the funds are easily accessible for your beneficiaries when the time comes to inherit.