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Estate Planning Basics: Living Trusts You can avoid probate and pass property to your children within only a couple of months by creating a Living Trust. A Living Trust is a legal entity that is separate from you as an individual. You transfer title to your major assets, like your house and brokerage accounts, to this trust. During your lives, you and your spouse serve as the trustees of the trust, which gives you the power to buy, sell, and otherwise transfer any of the assets in it. When both of you die, the assets in the trust are transferred to the beneficiaries of the trust (usually your children) without going through probate at all. Though it costs a little money now to set up a Living Trust, and it takes a little time to manage it, the costs are just a small fraction of what the probate process will cost your estate. Furthermore, a Living Trust allows you to craft an estate plan that maximizes what you have for the people who need it most: your kids. |
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