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Existing Trust Knowledge

What is a trust ?
A trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.
A trust a set of documents instructing assets be left to a member of ones family.
Who needs a trust?
Someone looking to manage their family affairs, charitable contributions and reduce estate tax.
Someone looking to divide assets amongst family members publicly in a will.
What is a will?
A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children.
A legal document that secures ones estate along with reducing exposure to estate taxes.
What is probate court for?
Probate court is a segment of the judicial system that primarily handles such matters as wills, estates, conservatorships, and guardianships, as well as the commitment of mentally ill persons to institutions designed to help them.
Probate court is a segment of the judicial system that only handles matters relating to wills.
What is the person left in charge or my affairs upon my death called, if one dies with a will?
Executor
Trustee
If one dies with a trust, what is the person left in charge of the trust called?
Backup Trustee
Successor Trustee
What is the role of a trustee in a trust?
A trustee is a person who takes responsibility for managing money or assets that have been set aside in a trust for the benefit of someone else.
A trustee is the person that all of the assets in a trust will go to upon the death of the person made the trust initially.
A person having a trust made is called what?
Trustee
Trustor
How are assets transferred into a trust?
To transfer assets such as investments, bank accounts, or stock to your real living trust, you will need to contact the institution and complete a form.
To transfer assets you will need to draft a document stating which assets you want in a trust and have each beneficiary sign that document. No legal assistance is required.
What is an estate plan?
An estate plan involves decisions relating to how an individual’s assets will be preserved, managed, and distributed after death or in the event they become incapacitated.
An estate plan is a document with instructions that instructs your estate to be left to an individual or organization.
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