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How to Highlight Text Living Trust

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hey estate planning attorney paul rabale here and in this video were going to talk about nine yeah count on nine living living trust mistakes okay heres the background it seems like if theres one most popular most talked about uh topic or item when it comes to estate planning its the one that you know estate planning lawyers get a lot of questions about its the one where lots of articles are written about this its the one where lots of books are written about it and quite frankly its the topic where lots of videos are made and consumed its the whole concept of the using the revocable living trust to avoid probate or as we call it in louisiana succession when somebody passes away and i kind of feel like the reason it gets so much attention is because i think not not just the wealthy not the people with the just the people with the large estates but the middle class what appeals to them is that ability to make their estate settlement simpler for their survivors by eliminating th

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What are the disadvantages of a trust?

One major disadvantage is that they can be complicated and expensive to set up. Although the idea of avoiding probate costs is attractive, its important to realize that trusts come with their own costs, including legal fees and compensation for the trustee, if needed.

What are the four essential elements of a trust?

After reviewing extensive literature on the topic, I believe that trust can be defined in terms of the following components: consistency, compassion, communication, and competency.

What questions to ask when creating a trust?

5 Important Questions to Ask When Forming A Trust Why do you need a trust? Who will the trust benefit? Who will administrate the trust, now and later? Which assets will fund the trust? What are the long-term tax consequences?

What questions to ask when setting up a trust?

Questions to ask the trustee and/or trust administrator What is your role as a trustee? When can I access whats in the trust? If I request assets, is it mandatory that you distribute them to me? What laws or other factors are considered when distributing assets within the trust?

What two things are usually required for a trust to exist?

First of all, there must be assets. Secondly, there must be a person who has created the trust, often referred to as the grantor or the trustor. Another person must be named in order for the trust to be legally effective.

What are the pitfalls of a living trust?

Most people think the benefits outweigh the drawbacks, but before you make a living trust, you should be aware of them. Paperwork. Setting up a living trust isnt difficult or expensive, but it requires some paperwork. Record Keeping. Transfer Taxes. Difficulty Refinancing Trust Property. No Cutoff of Creditors Claims.

How do you describe a trust in a legal document?

In general, a trust is a relationship in which one person holds title to property, subject to an obligation to keep or use the property for the benefit of another. A trust is formed under state law.

What are the 4 types of trust?

The four main types are living, testamentary, revocable and irrevocable trusts.

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