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A living trust is a legal document that allows you (the grantor) to put assets into a trust and outline exactly how you want them distributed after you pass away. A will works similarly, but the ...
Nolo, formerly known as Nolo Press, is a publisher in Berkeley, California, that produces do-it-yourself legal books and software that allows people to handle simple legal matters such as making wills or writing business partnership contracts. [4]
A living trust is an arrangement that allows you to pass on assets. You do so by placing assets into the trust that your designated beneficiaries inherit.
Revocable living trusts were often touted and marketed as valuable solely because of their ability to "avoid probate" and the costs and complications that surrounded it. Although probate avoidance is certainly a consideration in the use of a "living trust", there are many other estate planning techniques which also "avoid" probate.
The Uniform Simultaneous Death Act is a uniform act enacted in some U.S. states to alleviate the problem of simultaneous death in determining inheritance.. The Act specifies that, if two or more people die within 120 hours of one another, and no will or other document provides for this situation explicitly, each is considered to have predeceased the others.
Perhaps the biggest benefit of having a living trust is that it allows you to avoid the probate process. Probate is the legal process of proving that a will is legitimate.
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