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Revocable trusts, also known as living wills, are sometimes used in place of wills to avoid probate delays and fees. Let's compare both. Revocable Living Trust vs.
Simply put, a trust is a legal document that allows you to delegate how your assets are distributed after your death. There are many types of trusts, but one of the most common is a living trust.
For example, an estate plan may include a healthcare proxy, durable power of attorney, and living will. After widespread litigation and media coverage surrounding the Terri Schiavo case, estate planning attorneys often advise clients to also create a living will, which is a form of an advance directive. Specific final arrangements, such as ...
In South Africa, in addition to the traditional living trusts and will trusts there is a "bewind trust" (inherited from the Roman-Dutch bewind administered by a bewindhebber) [51] in which the beneficiaries own the trust assets while the trustee administers the trust, although this is regarded by modern Dutch law as not actually a trust. [52]
However, while trusts are a popular option, often … Continue reading → The post Revocable Living Trust vs. Will: Key Differences appeared first on SmartAsset Blog.
Revocable vs. Irrevocable Trusts Revocable trusts, as the name implies, can be altered or canceled the creator (grantor) of the trust at any time up until the person’s death.
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