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The best course of action before opening a living trust for a specific purpose is to contact an experienced financial planner or estate planning attorney. 5. Distribution during the grantor's lifetime
Estate planning is critical to preserving generational wealth.For many families, a living trust can streamline the process of transferring wealth after you die by eliminating probate and ...
They want to make estate planning simple, accessible, and affordable for all Americans, meaning you can make sure your loved ones know, understand and have input on exactly what your plan is ...
If a revocable living trust is used as a part of an estate plan, the key to probate avoidance is ensuring that the living trust is "funded" during the lifetime of the person establishing the trust. After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust.
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 good news is that there are multiple ways to approach estate planning, so you can choose the route that makes the most sense for you. One of those routes is a living trust.
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