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But one big benefit a living trust has over a will is that it isn't subject to probate. Probate is the process of proving a will's validity in court. And there are several potential problems with it.
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.
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.
Inter vivos trust (or 'living trust'): A settlor who is living at the time the trust is established creates an inter vivos trust. Irrevocable trust: In contrast to a revocable trust, an irrevocable trust is one in which the terms of the trust cannot be amended or revised until the terms or purposes of the trust have been completed. Although in ...
A living trust is also known as a revocable trust because it can be completely revoked or changed while you're alive. This flexibility comes in handy for people who may experience significant life ...
The best course of action before opening a living trust for a specific purpose is to contact an experienced financial planner or estate planning attorney. 5. Distribution during the grantor's lifetime
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