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Commonly Asked Questions about Individual Trust Documents

Trusts offer amazing benefits, but they also come with potential downsides like loss of control, limited access to assets, costs, and recordkeeping difficulties.
A beneficiary is someone designated to receive money, property, or other benefits of assets via a trust or will. The difference between beneficial owner vs. beneficiary is that beneficiaries usually need to have ownership (either legal or beneficial) over the assets they benefit from.
A legal document (which may be a deed or other instrument) that creates a trust. The trust document appoints the trustees and states the terms of the trust, including who the beneficiaries are and the trust property that will be subject to the trust. Trust document | Practical Law thomsonreuters.com thomsonreuters.com
When you make WillMakers living trust, you can make an individual trust or a shared trust. An individual trust contains property that only you own, and a shared trust contains property owned by you, your spouse, or co-owned by you and your spouse.
Trusts avoid the probate process While assets controlled by your will have to go through probate in order to be verified and distributed ing to your wishes, trust assets usually dont. A will becomes a part of public record, while a trust agreement stays private.
The 4 Biggest Mistakes Parents Make When Setting Up a Trust Fund Not choosing the right Trustee. Choosing the wrong Trustee is a common mistake parents make. Not being clear about the goals of the Trust. Not including asset protection provisions. Not reviewing the Trust annually.
The designation of a beneficiary on a bank account generally takes precedence over the instructions outlined in a Will or trust.