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How do I set up a trust in RI?

To make a living trust in Rhode Island, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trusts beneficiariesthat is, who will get the trust property. Create the trust document.

What is an assignment to a trust?

General assignment of assets to a trust is a legal process in which an individual transfers ownership of their property to a trust they have established.

What is the downside of a living trust?

Individuals may find it challenging to keep up with the constant updates and changes required, leading to potential confusion and complications down the line. Another aspect that draws complaints is the impact of transfer taxes and the need for refinancing when assets are transferred into a living trust.