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Reply to "Family trust, where do I start?"
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[quote=Anonymous][quote=Anonymous]When you boil a trust down, it boils down to two things. #1 Privacy. It stays out of probate. #2 Control. It gives you "control" after your are dead to dictate where your money goes. i.e. your twenty something gets your money in traunches over their lifetime instead of a lump sum. There are other benefits of a trust but trusts are more and more common and they have become a staple of estate planning. You have to evaluate if these are important to you. I have been an executor on a couple of estates. One was a trust and the other was not. The one that was not was the estate of a family member that had never been married and had all of the necessary POD, TOD and benficary documents in place. Things moved quickly and efficiently but I did have to deal with a vehicle, personal effects, and a condo in probate. [/quote] #2 can be accomplished via a testamentary trust established as part of a will. [/quote]
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