One of the most commonly utilized vehicles of asset transfer is the revocable living trust. These trusts are very popular because they facilitate the transfer of assets outside of probate. When you use a last will to direct the transfer of your assets the will must be admitted to probate. Probate is the legal process of estate administration. The heirs to the estate don t receive their inheritances until the estate has been probated and closed. We should emphasize the fact that probate is not an inherently bad thing. The state of New York has provided us with a streamlined and effective probate process. In spite of this, people sometimes choose to avoid it. One way of doing this is through the creation of a revocable living trust. You do not surrender control of the assets that you convey into a revocable living trust, and this is comforting to many people. This is because of the fact that the trust is in fact revocable. You can revoke the trust and it would no longer exist. It is a
Posted on: Fri, 24 Jan 2014 19:42:19 +0000
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