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Without a revocable trust, you could only hope that someone would step in to manage your assets if you were incapacitated or died. Even if someone did step in to manage your assets, they would need to obtain an order from a court to do so.
Heres a good rule of thumb: If you have a net worth of at least $100,000 and have a substantial amount of assets in real estate, or have very specific instructions on how and when you want your estate to be distributed among your heirs after you die, then a trust could be for you.
If you pass your assets via a will, it must go through a court procedure which is public record. Trusts are never made a part of public record so your assets and who you leave them to remain concealed.
A will only takes affect after the testator dies. Conversely, a trust becomes valid as soon as it is duly executed and assets are added. So unlike a will, a grantor can also act as the trustee and manage their assets while their still alive. A grantor can then appoint a trustee to manage the trust after they die.
A will does not go into effect until after you die, whereas a living trust is active once it is created and funded. This means that a trust can provide protection and direct your assets if you become mentally incapacitated, something a will is unable to do.
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A will only takes affect after the testator dies. Conversely, a trust becomes valid as soon as it is duly executed and assets are added. So unlike a will, a grantor can also act as the trustee and manage their assets while their still alive. A grantor can then appoint a trustee to manage the trust after they die.
Drawbacks of a living trust The most docHub disadvantages of trusts include costs of set and administration. Trusts have a complex structure and intricate formation and termination procedures. The trustor hands over control of their assets to trustees.
With that said, revocable trusts, irrevocable trusts, and asset protection trusts are among some of the most common types to consider.
A trust offers more control than a will. A living trust allows you to place a variety of conditions on disbursements, structure them so that a beneficiary will not have more money than he or she needs or is able to handle, and protect assets from being seized by your beneficiaries creditors.
A will only takes affect after the testator dies. Conversely, a trust becomes valid as soon as it is duly executed and assets are added. So unlike a will, a grantor can also act as the trustee and manage their assets while their still alive. A grantor can then appoint a trustee to manage the trust after they die.

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