TRUST QUESTIONS – The following questions will determine whether you need a Revocable Trust (also known as a living trust, or intervivos trust)
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Based on your answers, we suggest a trust because:
Assets which are properly titled in the name of the trust pass outside of probate, which is a court supervised process which is required to transfer any assets which are not in trust (or deeded through a ladybird deed). Probate takes 3-12 months and can cost your heirs several thousand dollars.
A revocable trust allows you to distribute your inheritance over time, structured exactly how you wish. You can wait until they are 35, or you can wait until they are 65 to receive everything. You have the ability to structure this distribution according to the timetable you want, and any spending restrictions.
Assets properly titled in a trust do not belong to the beneficiary, and therefore are generally not accessible by creditors or ex-spouses.
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