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First, the grantor works with an attorney who writes the trust document based on the grantors wishes for the distribution of specific assets. The grantor then chooses a responsible individual or firm to serve as trustee holding and administering the assets for the benefit of the beneficiary.
Wills and trusts are legal instruments that ensure your assets pass to heirs ing to your wishes. The main difference between wills and trusts is that wills take effect after you die, while trusts can take care of your assets while youre still alive.
Trust agreements are often used when someone wants to protect their assets or pass them on to beneficiaries after death. They can also be used for charitable donations, as well as for tax and estate planning purposes. Often they are also used to provide for the care of minors or developmentally disabled individuals.
A deed of trust is an agreement between a home buyer and a lender at the closing of real property. The deed of trust, sometimes called a trust deed, states that the home buyer will repay the home loan and the mortgage lender will hold the propertys legal title until the loan is paid in full.
While a trust does not need to be notarized in California to be valid, there are a few reasons why you may want to consider having it notarized. Notarizing a trust can increase its authenticity, reduce the risk of fraud, and make it easier to transfer assets to the trust.
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