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What are the plans for the house you are living in right now? Pay off the mortgage, live in it, then eventually pass it on to your children? Maybe your children's children? Maybe a friendly neighbor or even a particularly friendly postal worker? Whatever your plans for your estate, you probably want to pass it on in its entirety, even if you're young and healthy with no plans to fall into the deceased category any time soon. And by entirety, you mean without having a little chipped off here to go to taxes, a little nipped off there to pay attorneys, a chunk lobbed off here to cover probate costs. You can keep your home and many other assets intact with the help of a living trust.
Probate court is what is used by the government to execute a deceased person's estate, or to give out assets to the appropriate heirs. After a person's passing, a will becomes public record, assets are taxed, and lawyers are involved the whole time. This process can take up to three years and cost up to 10% of your total estate. In most states, it is possible to avoid this period through something called a living trust.
When you create a Montana living trust, you create a legal entity separate from yourself. You then become what is called a "grantor" by transferring ownership of your major property to this entity. You still retain control of your assets, since grantors usually appoint themselves the initial trustee. When you pass away, you personally do not lose ownership of your assets, since they are owned by the trust. Instead, the trust gives control over assets to your designee.
Interesting in forming your living trust? LegalZoom can help. Once you answer an easy-to-follow online questionnaire, LegalZoom will accurately prepare all of the important legal documents for you so you can rest assured your documents are accurate, and adhere to all of Montana's state and local guidelines. Form your living trust today!
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