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What happens when a property is put into trust?

If you put things into a trust, provided certain conditions are met, they no longer belong to you. This means that when you die their value normally wont be counted when your Inheritance Tax bill is worked out. Instead, the cash, investments or property belong to the trust.

What is a living trust in Kentucky?

The Kentucky revocable living trust is a legal form used to hold assets and prevent probate when distributing those assets to Beneficiaries after the Grantor (creator) dies. Bypassing probate means avoiding a lengthy court process often accompanied by large legal fees.

Are trusts recorded in Kentucky?

Are Trusts recorded in Kentucky? Revocable and Irrevocable Trusts are not recorded for public record. However, a Trust Under Will is recorded and becomes public record.

How does money come out of a trust?

The grantor can set up the trust, so the money distributes directly to the beneficiaries free and clear of limitations. The trustee can transfer real estate to the beneficiary by having a new deed written up or selling the property and giving them the money, writing them a check or giving them cash.

Does a trust have to be docHubd in Kentucky?

No, in Kentucky, you do not need to docHub your will to make it legal.

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