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A living trust is a legal document that allows you (the grantor) to put assets into a trust and outline exactly how you want them distributed after you pass away. A will works similarly, but the ...
The nice thing about a living trust is that it isn't subject to probate. So it's worth considering one if you happen to own properties in different parts of the country. 2.
A living trust, meanwhile, is not subject to probate in Florida. Any assets that you leave in a trust can be transferred to the trust beneficiaries upon your death, according to the terms that you ...
The trustees should administer the trust for the sole benefit of the beneficiaries, against all others who might seek to benefit or profit from trust assets. [54] The first cardinal principle is that the trustee should not personally profit from any transactions that occur with respect to trust property.
A bypass trust is a long-term planning device. It is typically created as part of an A/B Living trust estate plan after the death of the first spouse to die. During life, a married couple transfers ownership of property into a trust.
The term is often used to describe a trust established during one's lifetime, i.e., an inter vivos trust as opposed to a testamentary trust that is established on one's death, usually as part of a will. An inter vivos trust, by definition, includes both revocable and irrevocable trusts. [2]
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