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As the assets aren't considered a part of your estate, they sidestep the probate process. It also lets you continue to use assets transferred into the trust, such as property or investments you own.
As the assets aren't considered a part of your estate, they sidestep the probate process. It also lets you continue to use assets transferred into the trust: for example, a house or money from ...
During probate, a court ensures that your debts are paid and your assets are distributed according to the law. Probate can take several months or, in some cases, several years.
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the state where the deceased resided at the time of their death.
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
[18] [19] In some nations, multiple wills may be useful to reduce or avoid taxes upon the estate and its assets. [20] Care must be taken to avoid accidental revocation of prior wills, avoid conflicts between the wills, and anticipate jurisdictional and choice of law issues that may arise during probate. [19]
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