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Estates, Wills and Trusts Law: TRUSTS…

Writer's picture: Elman WoodsonElman Woodson


Just as a will is an estate planning tool used to protect your assets, so too, is a trust. A will becomes active only at death, whereas a trust becomes active immediately. The grantor of the trust may distribute their assets before death. A will only permits the distribution of assets after death. Trusts are unable to be contested and they avoid the difficult and sometimes contentious probate process when the grantor dies.

There are different kinds of trusts, but the most common are revocable and irrevocable. A revocable trust, or living trust, can be altered by the grantor. Generally, this kind of trust is used to avoid having the estate subject to probate.

The irrevocable trust, on the other hand, cannot be removed or amended after its creation. In this form of a trust, you are essentially relinquishing control of your assets, removing them from your estate protecting you from possible estate taxes.

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