Ans. No, your trust is not filed with any government agency. It is notarized and kept with your personal papers.

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...

No, since you control and may revoke your Living Trust, any income to the Living Trust is treated as your income. You do not need to file a separate tax return for your Trust. Nor do you need to obtain a separate federal identification number for your Trust. This I.D. number remains your social security number. See similar questions...

Yes. In most cases a homeowner who has put his or her home in a living trust can usually take out a reverse mortgage. A review of the trust documents would be made by the reverse mortgage lender to determine if anything in the living trust would be unacceptable. See similar questions...

No. The greater the risk of incapacity or death, the greater the need for a living trust. The greater the value of your assets, particularly if they include real estate, the greater the need for a living trust. A young, healthy individual with few assets probably does not need a living trust right now. Nor does the real estate developer who is frequently buying, selling or refinancing his or her real estate holdings want a living trust to hold those assets. See similar questions...

A Living Will deals with concerns about health care decisions. A Living Trust is essentially a will substitute and deals with the management and distribution of your property during your lifetime and at death. A Living Will is a document that has written instructions about the continuation or withholding of life-sustaining medical treatment if you are terminally ill or in a permanent vegetative state. See similar questions...

A "living trust" may provide a structure for the management of a person's assets. This structure could be particularly useful if the trustee has investment expertise, such as a trust company, or the trustee retains investment counsel. The asset management function of a "living trust" can become particularly important if the grantor becomes incompetent or is otherwise incapable of handling financial affairs. See similar questions...

A "Living Will" is a document that describes your wishes regarding life support if you are ever in a terminal condition or irreversible coma (think Terri Schiavo). As mentioned above, a "Living Trust" deals with your assets (either in the event of incapacity or at death. Both are very important and necessary parts of a proper estate plan and both are included in our Trust Package. See similar questions...