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The trustees are not legally bound to follow a letter of wishes, but it is guidance that they must take into account and in practice it is usually followed. [1] It is mainly used because it is easy to change, unlike amending a will or trust deed, and will remain private among the trustees.
Simply put, a trust is a legal document that allows you to delegate how your assets are distributed after your death. There are many types of trusts, but one of the most common is a living trust.
Thankfully, the details of a living trust don't generally become part of the public record. This privacy alone makes some people prefer going the living trust route. 3.
A trust is a document that allows you to keep control of your money and property and designate who receives it once you die. “Revocable” means you can change the terms at any time while you ...
Strictly speaking, the Grantor of a trust is merely the person creating the trust, [12] usually by executing a trust agreement which details the terms and conditions of the trust. Such a trust can be revocable or irrevocable. A revocable trust is one in which the settlor retains the ability to alter, change or even revoke the trust at any time ...
This is an accepted version of this page This is the latest accepted revision, reviewed on 6 December 2024. Legal declaration where a person distributes property at death "Last Will" redirects here. For the film, see Last Will (film). This article possibly contains original research. Please improve it by verifying the claims made and adding inline citations. Statements consisting only of ...
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