Living Trust for Husband and Wife with No Children - Kentucky: Fill out & sign online

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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.

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.

What are the disadvantages of a trust?

Drawbacks of a living trust The most docHub disadvantages of trusts include costs of set and administration. Trusts have a complex structure and intricate formation and termination procedures. The trustor hands over control of their assets to trustees.

How does a trust work in Kentucky?

A Kentucky living trust can be created by anyone over age 18 of sound mind, called the settlor. The settlor decides what assets to place in the trust and names a trustee who will manage the assets. Anyone can be a trustee, but it is common to name yourself, with a successor trustee in place to step in after your death.

How much money should you have for a trust?

Heres a good rule of thumb: If you have a net worth of at least $100,000 and have a substantial amount of assets in real estate, or have very specific instructions on how and when you want your estate to be distributed among your heirs after you die, then a trust could be for you.

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