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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 ...
Image source: Getty Images. 1. You can control your assets and change your mind as needed. A living trust is a legal arrangement that allows you to pass assets on to other people.
The benefits of a living trust over a will. ... If you designate your two children as equal beneficiaries on that account, each one will inherit $50,000 upon your passing -- even if there's ...
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 ...
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
Image source: Getty Images. 1. You could avoid the probate process. Probate is a court process in which the court determines if a will is valid and then supervises the distribution of the assets ...
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