Living Trusts

• Article - Estate Planning Basics

  Estate planning manages money and property during life and passes it to survivors after death. Know what the basic estate planning documents can do.

• Article - Probate: What It Is -- and How to Avoid It

  You can't help your parent avoid death or taxes at death. But you can save time and money by helping her plan to have her property avoid probate.

Questions & Answers

• Question - What is the difference between a will and a trust?

  What's the difference between a will and a trust? One of the main differences between a will and a trust is that a will must go through probate.

• Question - Does a living trust protect money from Medicaid consideration?

  Will putting money in a living trust protect my parent's money and help her get Medicaid? No, Medicaid considers money in a living trust an asset.

• Question - Are living trusts and living wills the same?

  When it comes to living wills and living trusts, only the names are similar. One concerns itself with controlling medical care; the other, passing title to property.

• Question - Does a note on a house affect a trust?

  Putting a house in a living trust has little affect on a mortgage still owed on it.

• Question - If I have a living trust, do I also need a will?

  While it requires a little extra thought and paperwork, a simple back-up will may help prevent estate planning slip-ups.

• Question - Is it better to leave my property by will or living trust?

  First evaluate the property you own that may pass to others automatically at your death; then look at the pros and cons of wills and living trusts.

• Question - Can all children see their parents' living trust?

  People who make living trusts are free to keep their contents secret. But there may be ways you can air out hurt feelings over that.

• Question - Does a trust need to be registered in Illinois?

  Some state laws require that living trusts must be registered -- but none of those laws have teeth.

• Question - How do I set up a real estate trust?

  You may be able to set up a simple living trust on your own; other types of trusts may require some guidance from a legal expert.

• Question - How do I get my mother to update her trust and power of attorney?

  To help overcome your mom's resistance about updating her estate planning documents, you may need to heed why she feels a roadblock.

• Question - How can I get out of half-ownership of property my parents left to me in a living trust?

  When disposing of property in a trust, you are constrained to dealing with it as the trust document specifies.

• Question - Can you provide me with a list of "end of life" questions to address with my family?

  A comprehensive list for end of life questions will be appearing soon; in the meantime, this site can help provide some structure for your discussions.

• Question - As trustee for my parents' living trust, can I manage their affairs if they're unable and do I still need power of attorney?

  The power of a trustee of a living trust extends only to property in that trust.

• Question - Are online estate planning documents legal?

  When looking for an online product to help product your estate planning documents, shop carefully.

• Question - is it a good idea to put your IRA in a revocable living trust?

  Should I put my IRA in a revocable trust? There are good reasons to put an IRA in a revocable living trust. For one, a revocable trust avoids probate.

• Question - Does a living trust protect my mothers assets if she has to...

  Unanswered. Can you help?

• Question - Since my parents own property in several states, how will their estate be administered?

  This question has been answered by a Caring.com Expert

• Question - Is it wise to put an elderly parent's home in trust?

  Should I put my elderly parent's home in a trust? Putting a house in a trust is a good way to avoid probate, although it may not be necessary.

• Question - What's a Totten Trust and how does it work?

  This question has been answered by a Caring.com Expert

• Question - Will my husband's aunt's jointly owned CDs in a credit union automatically be transferred to her trust or us upon her death?

  This question has been answered by a Community Member

• Question - Should I interfere in my mother's social life if she has Alzheimer's?

  This question has been answered by a Caring.com Expert

• Question - Is there a time limit on making a revocable trust before entering a nursing home?

  A revocable trust does not protect assets from consideration by Medicaid regarding eligibility for nursing home coverage.

• Question - My father just died. What do I do first?

  There are many details to attend to in the first week or so after a death occurs -- and the busyness can sometimes feel like a blessing.

• Question - How does property not covered by a trust get divided?

  When there is property not covered by a living trust, the law looks to other documents first to determine who is entitled to take it.