A trust is a legal agreement that allows a third-party, also called a trustee, to hold assets on behalf of beneficiaries. They can be arranged in various ways and outline how and when assets are distributed. There are several different kinds of trusts, but two major types.
Revocable trusts, also called a living trust, can be modified or dissolved as circumstances change. Irrevocable trusts cannot be altered once they are executed. There are pros and cons to both types, which can be explained to you in-depth by your attorney.
Probate is the legal procedure that settles an estate in court. Most often, estates with a trust in place can avoid the long, expensive, and complex process since these details are already outlined in the trust and the named trustee is living. Assets within a trust will be transferred to beneficiaries outside the probate process, which saves substantial time and money.
There are plenty of ways to control your wealth during your lifetime, but do you know what will happen to your assets after you die? Creating a trust can be complex, but a skilled attorney can help you ensure that your loved ones and your assets are protected. If you’re considering establishing a trust, contact the Gabe A. Duhon Law Firm today to schedule your initial consultation.
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