Once your trust has been signed, a very important task remains to be accomplished. In order to achieve your objectives of avoidance of court-supervised conservatorship proceedings if you are incapacitated or probate at your death, assets must be transferred to the trustee of the living trust. As discussed above, this is known as "funding" the trust. A living trust can hold both separate and community property. If community property is held in a living trust, then both spouses are the grantors.

No. All your assets except IRA and pension benefits, which have beneficiary designations, should actually be owned by your Revocable Living Trust. We transfer your real estate and all your personal property for you. The only assets you need to transfer are your stocks, bonds, and bank accounts and, in most cases, there is no fee for changing title to these assets. A simple beneficiary change is used for "Tax-Qualified" plans such as IRAs, 401Ks, and pension benefits. See similar questions...

No. General rule of law holds that whatever you can access, others may access as well. Assets in a revocable living trust are open and available to you; therefore, they are also open and available to Medicaid. What would make your assets safe is an irrevocable living trust, such as the MPS™ Trademarked Medicaid Trusts we offer. These allow you to retain access to and control of your assets, while protecting them at the same time. See similar questions...

Absolutely not. You keep full control over your property. As the creator of your trust, you can do everything with your trust assets as you could do before you established the trust. Nothing changes except the title by which the assets are held. Usually, the grantor is the trustee of his or her own trust. When you establish a Living Trust, you transfer all of your property from your name into the name of the trustee of your trust. See similar questions...

Simply put, NO. The revocable living trust can be a useful estate planning tool, which, when properly funded, will result in the avoidance of the probate process for the assets transferred to it, but it affords no protection from your creditors. If you get sued and lose, a court can order you to revoke the trust and pay the creditor. See similar questions...

Creditors are entitled to reach the assets of a "living trust" during the grantor's lifetime. Even where the trust is irrevocable, if the transfer is made to that trust while there are unpaid creditors of the grantor, creditors can generally reach the assets of the trust. Creditors may generally reach the assets of any trust to the extent that the grantor can enforce his or her own rights to trust assets. See similar questions...

Most states have statutes to cover a “small administration”. This means, that if the total assets left out were below a certain threshold, they can still be transferred to the Trust without a Probate. Experienced lawyers and attorneys offers legal representation in estate planning, trusts, wills, probate, with offices in Phoenix, Scottsdale, Mesa, Prescott, Sedona, Sun City, Tucson, Payson & Flagstaff. See similar questions...

YES. In fact, unless it is owned jointly with rights of survivorship (see more below) all real estate should be transferred into your Living Trust. Otherwise, upon your death, depending upon how you hold title, there will be a probate proceeding in every state in which you own real property. When your real property is owned by your Living Trust, there is no probate anywhere. See similar questions...

Yes. In fact all real estate should be transferred into your Family Trust. Otherwise, upon your death, there will be a Probate in every state where you own real property. When it is owned by your Living Trust, there is no Probate anywhere. See similar questions...

A "Living Trust" is usually a Will substitute. The Trust avoids the delay and expense of probating a Will. Your estate remains confidential, rather than being a public Probate Court record. Tax saving provisions are often included. A "Living Trust" is like having your own corporation. You put all of your assets ? family home, bank accounts, etc. ? into the Trust (the "corporation"). You name yourself as "Trustee" (the "President"). See similar questions...

Yes. You sell assets in the same way you currently do. You will, however, add the word "Trustee" after your signature. See similar questions...

You should be aware that including a catastrophic illness clause in your trust cannot shield your assets adequately. If you are concerned about this you should consult an attorney. See similar questions...

Absolutely not. As trustee of your Revocable Living Trust, you have total control of your assets until your incapacity or death. You can amend, or even revoke, the terms of the trust. You even file the same income tax returns. See similar questions...

Your personally selected successor trustee will control your assets. If you and your spouse are cotrustees, either of you can act and have instant control if one becomes incapacitated or dies. If something happens to both of you, or if you are the only trustee, your handpicked successor trustee will control your assets. See similar questions...

Disgruntled heirs or beneficiaries can challenge the validity of a "living trust" upon legal grounds similar to those available for challenging a will. It may be alleged that a "living trust" is invalid because the grantor was incompetent at the time of establishing the trust or was unduly influenced by some person to establish the trust in a particular manner. See similar questions...

No. The assets in a "living trust" are "countable resources" for purposes of Medicaid qualification. The assets in the "living trust" are treated just the same as if they were owned by the grantor. See similar questions...

Generally, no. In most states (including Texas) any trust that you establish in the United States will only protect assets in the trust that are totally dedicated for the benefit of others. You cannot protect your own assets from your own creditors in your own trust. Also, a husband can't establish a trust for his wife and visa versa, as this is treated as a "reciprocal trust," and creditors can attack the trust ? if the trust is located in the United States. See similar questions...

For maximum security the very best way to get assets in to a trust is through an arms length transaction that reflects commercial reality. These transactions are prepared using a sale and purchase agreement and, where necessary, a Deed of Debt. New Zealand residents must sell assets to a New Zealand offshore trust at an appraised fair market value or loan money to the trust at market interest rates to avoid the possibility of being 'deemed' a settlor. See similar questions...