Q: Do I lose control of my property and assets by placing them in a Living Trust?
A: No you do not. You are the Trustee and as such you control all of your assets just as you did before forming your Living Trust.
Q: If I have a Living Trust do I also need a Will?
A: Yes, you need a "Pour Over Will" that automatically "pours over" into your Living Trust at your death any assets you forgot to put into the Living Trust. All Heritage Living Trusts include a "Pour Over Will". Your old conventional Will, if you have one will be null and void and not needed.
Q: Can I appoint one of my children as the Trustee for my Living Trust?
A: Yes, you can. Usually you remain the Trustee during your lifetime and your children take over at your death. You cannot name a minor child as a Trustee.
Q: Are Living Trusts legal in every state?
A: Actually Living Trusts are legal in any country using English Law. Your Heritage Living Trust is valid in any U.S. State. Heritage prepares Living Trusts for every state with the exception of Louisiana.
Q: Do I have to file a special tax return for a Living Trust?
A: No. You continue to file a personal 1040 tax return as you always have, using your social security number. A Living Trust, being revocable, does not need a tax ID number and does not file a tax return of its own until your death. It also does not trigger a reassessment for property taxes when you transfer real estate into it.
Q: Does A Living Trust provide any protection from lawsuits or income taxes?
A: No it doesn't. A Living Trust is a revocable trust and may be dissolved by you at any time. Since you are in complete control of the Trust and its assets you remain the legal owner of the assets in the trust.
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