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What are letters testamentary?

Letters testamentary are documents that a probate court delivers to the executor of the deceaseds estate to enforce the terms of the deceased persons will. A court can issue letters testamentary only to persons who are chosen as an executor in a will.

What are the advantages and disadvantages of a trust over a will?

One of the biggest advantages of trusts is that they prevent your family from having to undergo the lengthy and costly process of probate at the time of your passing. However, they are initially a larger investment and require more information at the planning stage than a last will.

What are the disadvantages of a testamentary trust?

The trust can also be used to reduce estate tax liabilities and ensure professional management of the assets. A disadvantage of a testamentary trust is that it does not avoid probatethe legal process of distributing assets through the court.

What is a Letter of testamentary in NC?

Letters testamentary and letters of administration are legal documents issued by the clerk of court that give a person authority to serve as the personal representative of the estate. These letters will often be requested by institutions such as banks or insurance companies during estate administration.

Which is true of an inter vivos trust?

An Inter Vivos Trust is one created by a living person for the benefit of another person. Also known as a living trust, this trust has a duration that is determined at the trusts creation and can entail the distribution of assets to the beneficiary during or after the trustors lifetime.

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