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There are advantages to trusts that wills don’t offer, including avoiding probate court and giving you potentially more control over your assets after death. Probate Takes Time and Money
Talk to a trust lawyer in your state, financial adviser, or other professional before making any decisions. Pete’s imaginary kids — and your real ones — will be grateful you did. What to ...
Pages in category "Wills and trusts" The following 161 pages are in this category, out of 161 total. ... Uniform Power of Attorney Act; Uniform Probate Code;
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
In South Africa, in addition to the traditional living trusts and will trusts there is a "bewind trust" (inherited from the Roman-Dutch bewind administered by a bewindhebber) [51] in which the beneficiaries own the trust assets while the trustee administers the trust, although this is regarded by modern Dutch law as not actually a trust. [52]
For Federal income tax purposes in the United States, there are several kinds of trusts: grantor trusts whose tax consequences flow directly to the settlor's Form 1040 (U.S. Individual Income Tax Return) and state return, simple trusts in which all the income created must be distributed to one or more beneficiaries and is therefore taxed to the ...
There are 18 Probate Court judges, elected for four-year terms; Probate Court judges need not be attorneys. The clerk of the probate court is appointed. A typical salary for the judge is $51,542.40. A typical salary for the clerk is $30,721.60.
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.