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5. Distribution during the grantor's lifetime. Living trusts can also distribute assets during the grantor's lifetime. In some cases, such as the Medicaid trust, that can be for the grantor's benefit.
Image source: Getty Images. 1. You don't have to go through the probate process. When it's time for a will to be executed, it goes through a process called "probate." During probate, a court ...
Image source: Getty Images. 1. You can avoid going through probate. When you pass away with a will, it's subject to a court process called "probate."During probate, a court will verify that a will ...
Image source: Getty Images. 1. You could avoid the probate process. Probate is a court process in which the court determines if a will is valid and then supervises the distribution of the assets ...
Image source: Getty Images. 1. You have a number of beneficiaries. The nice thing about a living trust is that it allows you to maintain control over your assets as long as you're alive.
Living trusts are not just for the wealthy, and they don't have to be complex or particularly expensive to create, though they can often cost much more to set up than a basic will.
If there's one drawback to putting a living trust in place, it's the cost. You should expect to spend more on a living trust than a standard will. And the more complex your estate is, the more ...
Image source: Getty Images. 1. You can control your assets and change your mind as needed. A living trust is a legal arrangement that allows you to pass assets on to other people.
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