Questions to ask your parents

• What were your intentions in creating this trust? Ask why this trust was set up.
• How do you think this trust will impact me?
• Who else has access to the trust?
• What is your relationship with the trustee and/or trust administrator?
• How will I work with the trustee and/or trust administrator?

  What is the disadvantage of a trust?

  One of the primary drawbacks to using a trust is the cost necessary to establish it. Therefore, there is often a cost to establish a trust and to create a pour-over will that deposits any remaining assets into the trust at the testator’s lifetime. Additionally, administering the trust may also add expenses.

  What should I ask myself when setting up a living trust?

  Let’s take a look at ten questions you should ask yourself while creating a living trust. #1 What Assets Do I Want to Protect? When setting up your living trust, you should perform an inventory of your assets. These should include any real estate, family heirlooms, and any savings or retirement plans.

  Who is the trustee of a living trust?

  A living trust is a common type of trust used to transfer trust property to beneficiaries without probate. After you make a living trust, you transfer property into the trust and you become the trust’s trustee. A living trust is revocable, so you can change it during your lifetime.

  Are there any drawbacks to a living trust?

  If you rely solely on a trust for your estate planning, the assets that are left out of your trust will pass via your state’s intestacy laws. The living trust cost can also be seen as a drawback. You need to pay upfront to have the document prepared and make sure the trust is being managed.

  Can a living trust be open to the public?

  A living trust doesn’t become part of the public record, unless a trustee or beneficiary insists on court approval of accounts. Probate records, on the other hand, are open to the public. A living trust also avoids the probate filing fee.