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Commonly Asked Questions about New Hampshire Revocable Living Trust
Like in other states, a New Hampshire revocable living trust is a legal document that allows people to transfer their assets into a trust while retaining control of them during their lifetime.
A revocable living trust is created by a settlor (a grantor or maker), who transfers ownership of their assets to the trust. The settlor can revoke or amend the trust anytime during their lifetime.
Upon the settlor's death, the trustee manages the distribution of the assets as per the instructions laid out in the trust document. You can also name yourself the trustee, which allows you to change the trust requirements if your circumstances change.
Why Do You Need a New Hampshire Revocable Living Trust?
The main advantage of a revocable living trust is that it allows you to avoid probate. Probate is a court-supervised process that can be time-consuming and expensive and is a public record. When you create a revocable living trust, your assets are transferred to the trust upon your death, so they don't have to go through probate.
Another advantage of using a revocable living trust is that it can help protect your assets from creditors and lawsuits. If you become incapacitated or die, the trustee will manage your assets per your wishes without interference from creditors or lawsuits.
Finally, creating a revocable living trust can help maintain your privacy. Probate is a matter of public record, which means anyone can access information about your assets and how they are distributed after your death. When you use a revocable living trust, that information remains private.
In New Hampshire, a revocable living trust is essential. That is because the state has not adopted the Uniform Probate Code, meaning the probate process is intricate. But residents can still use a simplified probate shortcut by submitting a waiver of administration.
Do You Need a Will If You Have New Hampshire Revocable Living Trusts?
Yes. New Hampshire Revocable Living Trusts are not a replacement for wills. With a will, you can name guardians for minor children, appoint personal representatives to handle your estate, and outline how your assets will be distributed. So, though a New Hampshire Revocable Living Trust can help you avoid probate, they do not override the need for a will.
A Revocable Living Trust and Estate Taxes
For New Hampshire residents, estate taxes are generally not an issue. New Hampshire has no inheritance or gift tax, and the New Hampshire estate tax exemption is currently set at $5,000,000. In New Hampshire, a revocable living trust cannot circumvent estate taxes.
And while there is no inheritance tax in the state, estates valued above $5 million are subject to federal estate taxation. However, AB trusts (also termed martial or QTIP trusts) offer ways of bypassing such levies by transferring assets from one spouse directly to another upon death.
How to Create a Revocable Living Trust in New Hampshire?
Creating New Hampshire Revocable Living Trusts is a straightforward process. And unlike in the past, you don’t have to consult an attorney to begin the process. You can easily create your revocable living trust online for free.
All you have to do is decide whether you wish to create an individual or shared trust. After that, choose the properties you want to include in the trust and decide on your preferred trustee.
Also, include the trust beneficiaries, sign it before a notary, and the document will be ready. Finally, capture and change the title of the trust property, such as your car or house, to reflect under the trust.
So, are you wondering where to get your living trust form for free? It is only at Forms. Legal- A trustworthy provider of New Hampshire revocable living trust forms, fully customized to suit every unique legal requirement.