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A living trust is a legal arrangement that allows you to pass on assets to the beneficiaries you designate. You're able to maintain control over a trust and its assets as long as you're alive.
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Image source: Getty Images. 1. You don't have to go through the probate process. When it's time for a will to be executed, it goes through a process called "probate." During probate, a court ...
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]
In common law and statutory law, a life estate (or life tenancy) is the ownership of immovable property for the duration of a person's life. In legal terms, it is an estate in real property that ends at death, when the property rights may revert to the original owner or to another person. The owner of a life estate is called a "life tenant".
Image source: Getty Images. Putting a living trust in place can be costlier and more time-consuming than a typical will. But there's a good reason to make that investment.
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