![]() ![]() After the principal dies, the Living Trust will avoid probate thus allowing the assets to be distributed to the beneficiaries immediately, free of court supervision. The principal can nominate themselves or another party to act as trustee and manage the assets during their lifetime. Living Trust (Revocable) – Creates an entity into which the principal can transfer ownership of their assets. Signing Requirements – Must be signed by the testator and two (2) individuals who witnessed either the principal’s signature or acknowledgment of the signature or acknowledgment of the will.However, this document does not avoid probate which means there will be a public court proceeding to determine whether the Will is valid and whether any outside parties contest the validity of the document. Execution of a Last Will and Testament is standard practice and is recommended for most estate plans. ![]() Last Will and Testament (‘Will’) – This form can be used to nominate beneficiaries and specify the assets each shall receive upon the principal’s death. Depending on the preferences of the individual, they can choose to create a Last Will and Testament, Revocable Living Trust, or a combination of the two. The next step requires that the principal draft a document that lays out how their estate will be divided and distributed after they die.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |