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“Your education begins in the classroom, but where it continues is up to you.”
A living trust takes effect while the person setting it up is still alive. A living trust is not a will but may be part of a will. It is a tool that provides for you, your family, or any other designated person or charity.
One real value of a living trust is that an asset that passes under the terms of the trust, rather than under the will, avoids probate. Also any asset such as real estate or tangible personal property located in a state other than the state where the grantor is domiciled and where the grantor will be subject to probate may be held in the trust, thereby avoiding the extra burden of a separate probate proceeding in the other state. A trust may terminate upon an occurrence of a specific event, such as the specific age of a person.
Because living trusts are flexible and versatile, they can provide a great tool for estate planning.