One way to ensure your beneficiaries receive the most value from your estate is to transfer property into a living trust before your death. Living trusts are easy to transfer, and move outside the probate realm, so they avoid the typical taxes associated with transferring assets to heirs and beneficiaries.
The creator of the trust is designated as the trustee. They are in charge of the trust’s structure, the assets included in the trust, and the succession plan for the trust. Often, married couples are joint trustees for their own trust. The person meant to inherit the trust upon the trustees’ death is designated the successor trustee.
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