What is a Trust?
A trust is a legal document that performs actions much like a will. Trusts document the manner in which you want your personal matters to be dealt with after you pass away.
A Revocable Trust (or a living trust) is designed to operate outside of the probate court. It, like a Will, expresses the decedent’s wishes. The probate court does not need to oversee the trust administration process.
Trusts can be excellent planning tools. Oftentimes, a Trust will be paired with a Will just in case some assets are left outside the Trust by mistake.
The possession of a trust is kept by a person or other entity, known as a “trustee”. The trustee is the one who is in responsible for handling the property and affairs according to the wishes of the deceased. A trustee will have to carry out the duties that are designated in the trust.
Along with these, the trustee will be responsible for administering the statutory duties that are also required by law. There are multiple statutory duties that apply to trustees to ensure that they are carrying out the trust in the manner that the trustor wished for.
It is imperative to note that there are various types of trusts. With each type of specified trust they hold their own benefits, as well as their own requirements. A benefit of having a trust is that it avoids the probate process once you pass away. This is a nice perk because the probate process can take quite a long time of months or even year.
That is a long time for your loved ones to have to deal with your estate after you have passed. Having a trust makes the process, faster, smoother, and easier for the loved ones that are left with your estate once you pass.
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