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Click ‘Get Form’ to open the Living Trust Property Record in the editor.
Begin by entering the name of the trust in the designated field at the top of the form. This identifies the specific revocable trust associated with the property.
In the 'Description of Property' section, provide a detailed description of each property held in trust. Include relevant details such as location and type of property.
Fill in the 'Date Acquired by Trust' field with the date when each property was transferred into the trust. This is crucial for record-keeping and legal purposes.
Next, indicate the 'Value' of each property at the time it was acquired. This helps establish an accurate financial overview of your trust assets.
If applicable, enter any 'Date Sold or Transferred' for properties that have been sold or moved out of trust ownership.
Finally, use the 'Notes' section for any additional information or comments regarding each property, which can be helpful for future reference.

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What is the downside of a living trust?

Individuals may find it challenging to keep up with the constant updates and changes required, leading to potential confusion and complications down the line. Another aspect that draws complaints is the impact of transfer taxes and the need for refinancing when assets are transferred into a living trust.

What is the biggest mistake parents make when setting up a trust fund?

A living trust does not protect your assets from a lawsuit. Living trusts are revocable, meaning you remain in control of the assets and you are the legal owner until your death. Because you legally still own these assets, someone who wins a verdict against you can likely gain access to these assets.

Are trusts recorded in Alabama?

Are trusts public record in Alabama? Since trusts are not subject to the probate process, they do not become public record under Alabama law. Trusts are a great way to keep your assets and family matters private and avoid public scrutiny.

How much does it cost to set up a living trust in Alabama?

Trusts usually cost between $1,200 and $2,950. Trust administration fees in Alabama can be $1,800 to $4,250 or more. This depends on how complex the trust is. Even though living trusts help avoid probate, they might be pricier than a simple will for smaller estates.

How does a living trust work in Alabama?

Put simply, when you have a living trust in Alabama, any assets within the account will altogether bypass probate court and go straight to the named beneficiary.