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The Basics on Living Trusts

People in Guilford County, North Carolina who make a will often create a living trust as part of a more comprehensive estate plan. If you have questions about the living trust, you are not alone. If you would like to learn the answers to some of the most basic questions about living trusts, then keep on reading.

Why is it called a living trust?

The living trust is so named because it is created by someone when they’re alive (the fancy name for it is “inter vivos trust”). This may not seem that unusual, and it’s not, but many trusts are only created at the moment the creator dies.

What is the purpose of a living trust?

The purpose of the living trust is to avoid probate, which is the process that every estate must go through when someone dies. The trust doesn’t allow you to completely avoid probate, but it certainly can help.

Is a living trust a necessity?

No, it’s not a necessity but it can make the transfer of assets to your survivors much smoother. The ownership of any property that you transfer into the living trust prior to your death, will, after your death, be transferred to the beneficiaries you listed in your trust. When all the property has been transferred, the trust no longer exists.

How much does a living trust cost?

There is no set price for the creation of a living trust. Instead, the cost to create a trust will depend upon the complexity and skill that is needed to create it.

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