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In trust law, a letter of wishes is a tool used by a settlor when setting up a trust, to pass along information to the trustees. A letter of wishes usually contains instructions or extra information for the trustees. The trustees are not legally bound to follow a letter of wishes, but it is guidance that they must take into account and in ...
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 ...
Simply put, a trust is a legal document that allows you to delegate how your assets are distributed after your death. There are many types of trusts, but one of the most common is a living trust.
Strictly speaking, the Grantor of a trust is merely the person creating the trust, [12] usually by executing a trust agreement which details the terms and conditions of the trust. Such a trust can be revocable or irrevocable. A revocable trust is one in which the settlor retains the ability to alter, change or even revoke the trust at any time ...
A popular option is a living trust, which many people consider one of the better routes to take. A living trust is a legal setup that allows an individual or couple to specify how their assets ...
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The court does this by granting letters of administration to the person so entitled. Grants of administration may be either general (where the deceased has died intestate) or limited. [1] The order in which the court will make general grants of letters follows the sequence: The surviving spouse, or civil partner, as the case may be; The next of ...
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