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Living trusts, as opposed to testamentary (will) trusts, may help a trustor avoid probate. [57] Avoiding probate may save costs and maintain privacy and living trusts have become very popular. [58] Probate is potentially costly, and probate records are available to the public while distribution through a trust is private.
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.
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another.
Family trusts are a type of living trust. It can be revocable or irrevocable, depending on the estate planning strategy you have in mind. Family trusts are designed to manage your assets on behalf ...
Living trusts dictate the distribution of someone's assets, and are created while that person, called the grantor, is still alive. The distribution can happen after death or before, depending on ...
Deciding the best way to leave money to a heir can be complicated. When the choice is between naming someone as a beneficiary of an account or putting the account into a living trust, the trust ...