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A living trust is a legal arrangement that allows you to pass on assets to the beneficiaries you designate. You're able to maintain control over a trust and its assets as long as you're alive.
Living trusts are private, changeable, and efficient. Are they right for you?
Putting a living trust in place can be costlier and more time-consuming than a typical will. But there's a good reason to make that investment. When you get to avoid probate.
A living trust is an arrangement that allows you to pass on assets. You do so by placing assets into the trust that your designated beneficiaries inherit.
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.
Revocable living trusts were often touted and marketed as valuable solely because of their ability to "avoid probate" and the costs and complications that surrounded it. Although probate avoidance is certainly a consideration in the use of a "living trust", there are many other estate planning techniques which also "avoid" probate.
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legaltemplates.net has been visited by 100K+ users in the past month