These arrangements do avoid probate. However, they do not address the problem of management of your property during periods of incapacity prior to your death. Furthermore, these methods do not offer a convenient method of prescribing alternate beneficiaries or...
The most common estate plan is creation of concurrent or joint interests with persons whom you wish to receive your property at your death. This arrangement does have the advantage of avoiding probate, in that if the estate is a joint tenancy or tenancy by the...
The most common use of a revocable trust is to avoid probate. Property placed in a revocable trust during your lifetime is not subject to probate at your death. The trustee owns the “legal” interest in the estate, and title in the trustee survives the...
Trusts created after January 1, 2005 that do not provide that the trust is irrevocable may be revoked or amended by the Settlor (creator of the trust). Very few living trusts are made irrevocable. Ideally the trust instrument should specify that the trust is revocable...
A trust is an arrangement whereby property is held by one party for the benefit of another. The property may be transferred to another person, or the property may continue to be held by the Settlor after declaring it to be held in trust. The person creating the trust...
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