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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 ...
However, a growing trend for husbands and wives is to create "joint trusts" where both are "grantors" of the trust, thus mirroring the familiar concept of joint tenancy ownership. [15] For a revocable trust, the grantor retains the power to direct transactions for the trust, even if a third party serves as the trustee. [16]
For You: 4 Genius Things All Wealthy People Do With Their Money Many people think a revocable or irrevocable trust only benefits wealthy individuals and families. But that’s not true.
If you have a will but do not put your assets in a trust, the probate process may be required in order to distribute your assets when you die. On the other hand, a properly structured joint trust ...
If you want control and flexibility over the trust and have relatively basic needs, a revocable trust likely makes more sense. Some experts advise that you need relatively few assets — say ...
The name is derived from Matter of Totten, 179 N.Y. 112 (1904), the case decided by the New York Court of Appeals which established the legality of this practice. Although this method of creating a trust did not meet the formal requirements of trust creation, or the testamentary formalities required to make a valid will, the Court noted that such an arrangement typically involved a small ...
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