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A living trust is a legal arrangement in which you put assets into a trust and specify how you want them distributed after you pass away. On the other end, the probate process is sometimes known ...
A living trust is a legal setup that allows an individual or couple to specify how their assets should be distributed after they pass away. Also known as a revocable trust, it can be adjusted or ...
For a living trust, the grantor may retain some level of control to the trust, such by appointment as protector under the trust instrument. Living trusts also, in practical terms, tend to be driven to large extent by tax considerations. If a living trust fails, the property will usually be held for the grantor/settlor on resulting trusts, which ...
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.
Living trusts can act as probate-repellent, but some assets need to be kept out. If you want to help your kids bypass probate when you die, here are 5 assets to avoid putting in a living trust ...
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
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