Trust Account
- Trust Under Will
- Takes effect after death of grantor
- Provides for professional asset management, ensures beneficiaries are provided for
- Living Trust
- Assets placed in trust before death
- Flexible with grantor retaining power to cancel trust
- Exists as independent legal entity to smooth person's financial life
- Privacy of document unlike public probated will
- Both
- Owner (grantor) places assets in a trust and new owner with title to assets is the trust
- Trustee appointed can be grantor, individual or financial institution with trust powers
- Avoids probate
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