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FAQs
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What is a revocable inter vivos trust?
A revocable inter vivos trust is a legal document that allows you to place your assets into a trust during your lifetime, which you can modify or revoke at any time. This type of trust is often used for estate planning purposes, providing flexibility and control over your assets. Understanding 'What Is A Revocable Inter Vivos Trust? Creighton Law' can help you make informed decisions about your estate.
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What are the benefits of a revocable inter vivos trust?
The primary benefits of a revocable inter vivos trust include avoiding probate, maintaining privacy, and allowing for easy management of your assets. This trust can also provide a seamless transition of asset management in case of incapacity. Learning 'What Is A Revocable Inter Vivos Trust? Creighton Law' can help you leverage these advantages effectively.
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How does a revocable inter vivos trust differ from a will?
Unlike a will, which only takes effect after your death, a revocable inter vivos trust is active during your lifetime and can be altered as needed. This trust also helps avoid the probate process, which can be lengthy and public. Understanding 'What Is A Revocable Inter Vivos Trust? Creighton Law' can clarify these distinctions for better estate planning.
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What is the cost of setting up a revocable inter vivos trust?
The cost of establishing a revocable inter vivos trust can vary based on the complexity of your estate and the legal fees involved. Generally, you can expect to pay anywhere from a few hundred to several thousand dollars. Knowing 'What Is A Revocable Inter Vivos Trust? Creighton Law' can help you budget for this important estate planning tool.
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Can I change or revoke my revocable inter vivos trust?
Yes, one of the key features of a revocable inter vivos trust is that you can change or revoke it at any time while you are alive. This flexibility allows you to adapt your estate plan as your circumstances change. For more insights, explore 'What Is A Revocable Inter Vivos Trust? Creighton Law.'
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What assets can be placed in a revocable inter vivos trust?
You can place a variety of assets into a revocable inter vivos trust, including real estate, bank accounts, stocks, and personal property. However, certain assets like retirement accounts may require different planning strategies. Understanding 'What Is A Revocable Inter Vivos Trust? Creighton Law' can guide you in asset selection.
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How does a revocable inter vivos trust affect taxes?
A revocable inter vivos trust typically does not provide tax benefits during your lifetime, as the assets are still considered part of your estate for tax purposes. However, it can simplify the tax process for your heirs after your passing. For detailed tax implications, refer to 'What Is A Revocable Inter Vivos Trust? Creighton Law.'
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