What is a trust
What is a trust?
A trust is a document that allows a third party (called the trustee) to hold assets in a "box" called the trust on behalf of any beneficiaries.
What are the benefits of preparing a trust?
- Avoidance of Probate. A trust will help you avoid probate, which is a long court process in which the court controls the distribution of assets to the heirs.
- Privacy. Because the content of a trust is private, it will not become a matter of public record, as it will be in the case of probate.
- Being able to control your assets. You can take control of how and to whom your assets will be distributed by preparing a trust during your lifetime.
If you haven't prepared a trust yet, it may be a good idea to consider preparing one!Article Source/Courtesy of: Yuka Hongo, Esq. (Hongo Law Office, LLLC)
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