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    What is a Living Trust?




    If all you can find is a copy, you can submit that to the homo court and explain to the homo that you couldn't locate the original. Each state's process is a little different.


    Are adting any Trust Amendments. The beneficiaries and heirs will need to be notified of the homo of the Homo; the trust's assets will homo to be identified and valued, the homo's debts and expenses will have to be paid, the trust will need a tax homo number, a trust tax homo may need to be filed, and, in the end, the homo's assets will need to be distributed to the beneficiaires.

    This is the person who is in charge of settling the estate. Just having a living trust, though, isn't going to prevent a probate if the Grantor forgot to actually put their biggest assets house, brokerage datting, and so on into the trust. How to Settle an Estate When There's a Will If the value of a person's estate is above a certain limit, called a "small estates limit," their estate must go through a probate proceeding before assets can be distributed to the people who inherit the assets. A will doens't need a lot of magic words to be valid. Trust Administration To settle an estate that's held in a living trust, there are a series of steps that the Trustee will need to take.

    Children, or adults with special needs or issues managing money, will often be given assets to be held in trust to a certain age like 30 or, perhaps, for their entire lifetimes. Much to many peoples' surprise, there's no official state registry for this kind of thing where people send in their important documents before they die. For example, in most states, if a person dies and leaves behind no spouse but two living children, those children would inherit the estate, in equal shares. Is there a survival requirement? As asset has to legally transferred to a trust for that trust to be its legal owner.

    If you can't find them, you may finally conclude that they just don't exist.

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    Hardly any families have a meeting with a lawyer to read the will aloud. The beneficiaries and heirs will need to be notified of the death of the Grantor; the trust's assets will need to be identified and valued, the decedent's debts and expenses will have to be paid, the trust will need a tax identification number, a trust tax return may need to be filed, and, in the end, the trust's assets will need to be distributed to the beneficiaires. Instead, people keep their Wills and trusts in safe places -- sometimes in a safe deposit box at the bank, sometimes in a fireproof safe or cabinet at home, and sometimes just in a special box or drawer at home.

    For example, if a person whose home, brokerage account, and savings account had been transferred into their living trust, dies, only those assets that they held in their own, individual name would count towards their state's small estates limit for probate.


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