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Estate Planning (Cont.)
Disadvantages of using a will without a
living trust:
- Wills take effect only at death
- Wills are subject to probate
- Wills provide no lifetime planning
- Wills have no system for the management
of your assets during your lifetime
- Wills are ineffective interstate planning
tools
- Locate and identify heirs
- Appoint an administrator if there is nowill
Advantages of supplementing a will with
a living trust:
- Living trusts can hold title to assets before
death
- Assets held by living trust are not subject
to probate, which can save a great deal of
time and money
- Living trusts can split into additional trusts
for your spouse and/or beneficiaries
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