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A trust fund is a legal entity that holds and manages assets on behalf of another individual or organization. A will, on the other hand, is a legal document that directs the distribution of assets ...
You’re correct about a major difference between a will and a trust: A will goes through probate after you die, so it becomes public record and can be more easily contested. A trust doesn’t go ...
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In that regard, it's similar to a will, only with one major difference. ... For this reason, I'm extremely inclined to set up a living trust for my family instead. I wouldn't want people outside ...
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
Family trusts are meant to live beyond the grantor's life. A family trust has an extended lifespan that enables it to distribute assets based on designated milestones (ie., marriage, having children).
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