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The Cons. While there are many benefits to putting your home in a trust, there are also a few disadvantages. For one, establishing a trust is time-consuming and can be expensive. The person establishing the trust must file additional legal paperwork and pay corresponding legal fees.
In addition, the same person cannot be the sole Beneficiary and sole Trustee. Signing Once the trust has been completed, it is highly recommended for it to be signed in the presence of a Notary Public or two (2) disinterested parties (meaning they do not have a financial gain due to the trusts creation).
Simply put, the primary goal of a will is to distribute your estate, the primary goals of a trust are to distribute your estate, reduce estate taxes and avoid probate whenever possible.
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.
Living Trusts in Kansas The settlor places assets into the trust and chooses a trustee. The trustee can be anyone, but cannot be the only beneficiary of the trust. Many people name themselves to be trustee and select a successor trustee to manage the trust after death.
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Simply put, the primary goal of a will is to distribute your estate, the primary goals of a trust are to distribute your estate, reduce estate taxes and avoid probate whenever possible.
With that said, revocable trusts, irrevocable trusts, and asset protection trusts are among some of the most common types to consider.
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.
From your house to your financial accounts, there are many assets youll likely want to include in your living trust: Bank accounts. Real estate property. Insurance policies. Stocks, bonds, and other investment assets. Tangible personal property. Limited liability company (LLCs) Cryptocurrency.
A trust can remain open for up to 21 years after the death of anyone living at the time the trust is created, but most trusts end when the trustor dies and the assets are distributed immediately.

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