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Category Archive - Wills and Trusts

Should I Have A Will Or A Trust?

You definitely need a Will, at a minimum, if you are over 18 years old. Whether you need a trust is dependent upon the assets that you’ve got, and whether your assets are held in co-ownership. There are alot of things that go into whether you need a Trust. But, you need a Will, at a minimum.

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What Is A “Revocable Living Trust”?

A revocable living trust, sometimes referred to as a “living trust”, is a document set up, normally by an attorney. Persons that set up the trust, transfer their assets into the ownership of this trust, so the trust actually owns those assets. When the person dies, their assets can be transferred easily because they did not personally own those assets. Those assets were owned by the trust, and therefore, there’s no need for a probate.

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What Are The Advantages Of Having A Trust Instead Of A Will?

If the trust is properly set up, and if all your assets are transferred into the trust, then there’s probably no need for a probate after you pass away. A will on the other hand, most of the time, has to go through the probate, which is the court process to validate the will, to be sure your creditors are paid and then distribute the assets according to the terms of the will.

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