FAQs About Trusts | Living Trusts

Trusts—Frequently Asked Questions

Click on a question below, and see your answers in the column to the right.

1) What is a Living Trust?
2) What is the difference between a Will and a Living Trust?
3) What is Probate?
4) Why didn’t the Attorney tell me about the Living Trust?
5) Where did this “new idea” of the living Trust come from, and how long has it been in existence?
6) Could Congress take away the Living Trust?
7) Is the Living Trust valid in all fifty states?
8) What is an AB Trust? Can the surviving spouse use the money?
9) Can single persons form a Living Trust?
10) Why must the Trust be funded?
11) Am I able to change the terms of this Trust in my lifetime?
12) Can I exclude someone from my Living Trust?
13) What if I have irresponsible children?
14) What if I have a disabled child?
15) Can the Successor trustee make changes?
16) What happens if I get a divorce?
17) When should I update my Trust?
18) Should my children read my Trust?
19) How old should someone be to be a Successor Trustee?
20) Is there a Federal or State agency overseeing my Trust?
21) What are the disadvantages to having a Trust?
22) What effect does having a Trust make on Income Tax?
23) Are unconceived children or grandchildren covered by a Trust or if someone’s child dies before them?
24) Can you make donations to charities in a Trust?
25) Does the Trustee have to be a relative?
26) Can you leave all your belongings to charity?
27) Can I still spend, sell, or transfer things to and from my Trust before I die?

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“During the process of drafting our Trust, my wife passed away. Marilyn was so caring and helpful. Marilyn and I have since formed my Living Trust, and I feel such relief at knowing my children will not have to agonize over details at such a painful time.” —Mr. P.