Whether you have a vast estate or something more modest, the ability to avoid probate and insure your wishes are followed at end-of-life, are two very good reasons to set up a trust.
The popular living trust, sometimes known as a revocable trust, does this. Assets are transferred into the trust by the grantor, who can also be the trustee, or that role can be assigned depending on how the trust is set up. Beneficiaries are named and the assets pass to them at end-of-life without the expense of going through probate.
Frequently, a testamentary trust is included in a Will and becomes effective upon the death of the grantor. This type of trust, however, does not avoid probate.There are other types of trusts that can be set up depending on individual needs. No matter how complex or basic, the trust document requires careful thought and planning with the assistance of an experienced and knowledgeable lawyer.
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