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A trust is only as good as the trustee you assign to oversee it after you pass. Trustees do have a fiduciary obligation to faithfully carry out your wishes. However, there are no “trustee police ...
You can name a successor trustee who will have control of the trust only after you die or become unable to make financial decisions. You’ll also list beneficiaries for the trust. While you’re ...
Finally, the UTC requires that a trust must not have the same person as the sole trustee and sole beneficiary. [95] Under ancient common law principles, a trust could not exist unless there was at least some "title split" – that is, the same person cannot generally hold all legal and all equitable title at the same time.
Wills are an essential part of estate planning, leaving instructions for how to distribute your assets and possessions after you die. Trusts are a common tool in estate planning as well, serving ...
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
The trust will escape all transfer taxes when the children die and will pass tax-free to the grandchildren. The trust may be protected from the claims of creditors and, to some degree, from claims of ex-spouses. Had the trust property been left to the children outright, the property would be subject to such claims.
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