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A living trust is a trust established during the life of a person. All assets are deposited into the trust and removed from the possession of the original owner. This allows the owner to avoid probate upon his death, ensuring greater privacy for him and his family. One of the advantages of a revocable living trust is the right to change any of the trust terms during your life. There are four typical changes that can be made to a trust.
→ Read MoreThese two terms refer to a written document that sets forth the terms and conditions of the trust. The differences between them are largely matters of style and local practice.
→ Read MoreIf your grandchildren are minors then they have to have a Trustee who will manage the assets for them and distribute funds to the children’s caretakers for the reasons you specify in the Trust.
→ Read MoreLiving trusts are legally-designed instruments meant to remove ownership from the creator of the trust, thus helping them avoid probate court proceedings. In order for a living trust to be considered valid, it must contain the creator’s property. This means that property must be transferred or put into the trust by removing ownership from the grantor and placing ownership in the trust.
→ Read MoreTrustee resignation should usually occur according to the terms of the trust. Other times, a trustee resignation form may be used. It is important that a trustee who wishes to withdraw properly do so in order to avoid any future liability.
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