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Revocable Living Trusts

Sometimes the best course of action for ensuring that property is inherited by the right person is to form a living trust. One of the greatest advantages of a living trust is that, unlike property bequeathed in a will, living trust properties do not need to go through the probate process. Property that is listed or titled under a trust will become property of that trust after you die, to be administered according to your wishes. This can be incredibly beneficial, especially if you expect your will to be challenged in court.

 

There are two kinds of trusts: irrevocable and revocable, and they are each subject to different laws and rules. The advantage of a revocable trust is that you can remove property from the trust before death or incapacitation. This is contrary to an irrevocable trust, where once property is added you cannot take it back. Tilton & Tilton specializes in revocable trusts, allowing you the freedom to transfer property in and out of the trust at will.

 

Another advantage of a living trust is that, unless the trust is challenged in court, the details do not become public record. The probate process of the courts means that, after death, a will becomes public record and is viewable by anybody who files the appropriate request. A trust is a private matter and since it does not go through the courts the records do not become public. This can be most beneficial to those who wish to keep their assets out of the limelight for one reason or another.

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