June 1, 2010
Many people believe that it is best to establish a Revocable Trust, also known as a Living Trust, in order to simplify their estate upon their passing. Although trusts can be extremely useful when used appropriately, establishing and funding a trust can be an expensive and time-consuming process. In addition, most estate plans do not require a trust for stated goals to be met. In order to determine whether a trust is right for you, it is first necessary to understand the difference between a Will and a trust.
Both Wills and trusts are devices that you can use to provide for the distribution of your estate upon your death. A Will gives instructions to the Executor of your estate as to the distribution of the assets in your probate estate. Your probate estate consists of those assets that, upon your passing, are held in your name alone and do not have a designated beneficiary. In order for a Will to "speak," ...
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by: Gina M. Barry