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Trusts are a popular estate-planning tool for simplifying the transfer of assets between generations, and two of the most popular types are revocable trusts and irrevocable trusts.
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).
Estate planning is critical to preserving generational wealth. For many families, a living trust can streamline the process of transferring wealth after you die by eliminating probate and ...
According to a 2024 LegalZoom report, about 75% of estate plans created in 2021 used wills, while only 19% used trusts. This disparity might stem from the misconception that trusts are only for ...
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.
The increased use of trusts in estate planning during the latter half of the 20th century highlighted inconsistencies in how trust law was governed across the United States. In 1993, recognizing the need for a more uniform approach, the Uniform Law Commission (ULC) appointed a study committee chaired by Justice Maurice Hartnett of the Delaware ...
A trust is an estate planning tool that you may consider using if you want to go beyond drafting a last will and testament. One key thing to decide is whether to establish a revocable or ...
Establishing a joint revocable trust can be an ideal estate planning tool for the benefit of your children, your grandchildren and beyond. Married couples have the possibility of establishing a ...