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5. Distribution during the grantor's lifetime. Living trusts can also distribute assets during the grantor's lifetime. In some cases, such as the Medicaid trust, that can be for the grantor's benefit.
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 ...
A living trust is a legal arrangement that allows you to pass assets on to other people. It's similar to a will in that regard, but with one key difference. The benefit of a living trust is that ...
Image source: Getty Images. 1. You can avoid the probate process that many people strongly dislike. A significant advantage of using a living trust is to avoid probate, a court process that ...
Assets you place into the trust are subject to whatever taxes you'd normally have to pay. If you're working and earn $150,000 a year, you can't, for example, place that money into a trust to avoid ...
Image source: Getty Images. 1. You can often avoid the dreaded probate process. Probate is a legal process in which a court determines a will's validity and then oversees the distribution of the ...
A living trust is a legal arrangement you can use to transfer assets to your loved ones. In that regard, it's similar to a will, only with one major difference.