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A trust is an alternative method of estate transfer and planning that lies in a fiduciary relationship. It is established via a written agreement or declaration. Trust is quite similar to a will, but it does not undergo probate. The “trustor” is the owner of the estate who would authorize a “trustee” to handle estates and hold assets on behalf of the “beneficiary.”
There are many types of trust and different individuals utilize them for different purposes. However, there are two well-known categories: revocable living trust and a testamentary trust.
A “revocable living trust” is a trust document created by an individual that can be changed over time during the lifetime of the trustor. It is used to transfer property after death to loved ones while preventing probate court intrusion. Moreover, the trustor will also maintain ownership held by the trust until death.
A testamentary trust is created in compliance with a last will and testament to manage the assets of the deceased on behalf of the beneficiaries. It is also used to reduce estate tax liabilities and ensure professional management of the assets of the deceased.
Although trust may sound beneficial, it requires many complex documents to set up. Some of those documents may also contain certain information which cannot be easily answered through a simple online search. One may consider getting help from an experienced trust lawyer. To ensure that any difficult details are handled with ease and prevent any adverse outcome. Hiring a trust lawyer is a life-changing decision that cannot be ignored. Check best Trust Lawyers in your location in Lawzana
