Questions? We have the answers.

• Do I need an attorney to form a Living Trust?

  No. You can create a legally-binding Living Trust yourself. However, you must sign the document in the presence of a notary public for it to be legally valid. After you receive your Trust form from complete Wills, simply print it out and take it to a notary to sign. Many banks offer a free notary service for their customers.

• What's the difference between a Revocable Living Trust and an Irrevocable Living Trust?

  Aside from how taxes are handled, there are a few other differences between Revocable and Irrevocable Living Trusts. A Revocable Living Trust goes into effect while the Trust maker is still alive, and can be changed or revoked. An Irrevocable Living Trust doesn't go into effect until after the Trust maker passes away. Assets in an Irrevocable Living Trust are locked and cannot be changed after the Trust is created.
  

• Does a Living Trust avoid estate taxes?

  This depends on the type of Trust. Assets and property in a Revocable Living Trust are still subject to estate taxes. If you want to avoid taxes, choose an Irrevocable Living Trust in which the assets and property are no longer considered part of the Trust makers' estate.
  
  

• Do I still need a Last Will and Testament if I create a Trust?

  Yes. To maintain full control over how your estate will be distributed, having an official Last Will and Testament is always a good idea. Although Trusts avoid probate, they are not a substitute for a Will. A Trust can instead be used to enhance or simplify a Will.