Living trust - Estate Planning - Revocable living trust - Void Probate - living trust documents - Legal forms
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To better understand the issues relating to your legal situation or problem, our legal information and other law related facts may be of interest to you
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Living trust doesn't protect Property from creditors.
A creditor who wins a lawsuit against you can go after the trust Property just as if you still owned it in your own name.
After your death, however, Property in a Living Trust can be quickly and quietly distributed to the beneficiaries (unlike Property that must go through Probate). By the time creditors find out about your death, your Property may already have been dispersed, and the creditors may not know exactly what you owned (except for real estate, which is always a matter of public record). It may not be worth the creditor's time and effort to try to track down the Property and demand that the new owners use it to pay your debts.
On the other hand, Probate can also offer a kind of protection from creditors. During Probate, known creditors must be notified of the death and given a chance to file claims. If they miss the deadline to file, they're out of luck forever.
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Return to all Living Trust legal information
Legal Articles about Living Trust
Living Trust Frequently Asked Questions
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Military General Power of Attorney |
$ 19.98 |
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Real Estate Transactions - Limited Nondurable Power of Attorney by Seller |
$ 18.98 |
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Real Estate Transactions - Limited Nondurable Power of Attorney by Buyer |
$ 18.98 |
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Nondurable General Power of Attorney for Property and Finances |
$ 20.98 |
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Total: $78.92
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