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Be Familiar With Living Trusts And Wills

Be Familiar With Living Trusts And Wills

Once you pass on, wills are those papers that distribute your properties and asset to your specified beneficiaries. The executor processes the will and also manages the property during the probate process. This is when the court receives the will for administration. In contrast, living trusts are legal documents where the ownership of the assets and properties are transferred from one person to another. Groups can also benefit from the transfer. The grantor is the one with the assets and property to transfer while the beneficiaries are those who receive them. The trustee, on the other hand, is the one who manages the transferred items. While the grantor is still alive, the trusts are processed.

It will take months and years for a will to be executed and completed. The same is also true for a living trust. However, the beneficiaries have already received the asset and property. With living trusts, the recipients will immediately gain access to the cash or to the estate. Getting the wills drafted and handled can be quite expensive. And since many are asking what is a living trust, trusts are considered legal documents upon conception, you can avoid extra expenses in doing it. It really depends on which one works best for you.

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