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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