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A living trust can let you avoid the probate process. During probate, a court determines a will's validity and then oversees the distribution of the assets listed in the will.
Image source: Getty Images. 1. You can avoid going through probate. When you pass away with a will, it's subject to a court process called "probate."During probate, a court will verify that a will ...
Letters of Administration are granted by a surrogate court or probate registry to appoint appropriate people to deal with a deceased person's estate where property will pass under intestacy rules or where there are no executors living (and willing and able to act) having been validly appointed under the deceased's will.
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.
A will and testament is a legal document that expresses a person's wishes as to how their property is to be distributed after their death and as to which person is to manage the property until its final distribution. For the distribution (devolution) of property not determined by a will, see inheritance and intestacy.
A living trust is a legal document that directs the transfer of ownership of your assets to a trust, from which a trustee distributes them according to your instructions after your death.
Image source: Getty Images. 1. You don't have to go through the probate process. When it's time for a will to be executed, it goes through a process called "probate." During probate, a court ...
An attorney can also help you understand the costs of setting up a living trust, which are apt to exceed those of a standard will. And depending on your circumstances, the extra expense may not be ...
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