Probate is the legal process of estate administration. It can be time-consuming and expensive, and creating a trust can help avoid probate and is usually a document that is generally part of an estate plan.
Trusts are not required to go through probate, which can save time and money. Trusts can be used to manage assets during your lifetime and after death.
There are many types of trusts, but the two main types are living trust and testamentary trust. A living trust is created during your lifetime and can be revocable or irrevocable. A testamentary trust is created upon your death and is usually written in your will.
If you create a trust, it's important to keep the following in mind:
Trusts are not just used to avoid probate but can also be used to protect your assets and your loved ones.
You must fund the trust by transferring ownership of your assets into the trust.
You must keep up with trust administration, which includes maintaining records and filings and complying with tax laws.
You must also manage trust assets, which can be complex.
If you're considering creating a trust, it is highly recommended to consult an experienced estate planning attorney to discuss your options and ensure that the trust is properly created and funded.
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