How Much Does an Estate have to Be Worth to Go to Probate?
How Much Does an Estate have to Be Worth to Go to Probate?
Abstract
You may be asking, what is a trust? A trust is a relationship where the grantor grants a trustee the right to hold assets for the grantor's benefit. In a living trust, the grantor sets up a trust during their lifetime, and the testament, trust can only come to be after the grantor's death. Some of the popular types of trust include: a. Special Needs Trust In this kind of trust, a beneficiary is a person living with a disability. b. Charitable Trust A charitable trust allows the conferrer to leave a part or all of their assets to a non-profit organization. The two types of charitable trust include: Charitable lead trust Charitable remainder trust They both can be useful in reducing taxes depending on the structure. Benefits of a Trust Now that you have answered the question, what is a trust, you will need to know why it is important to set up one. Trust Planning Process When planning for a trust, it is essential to realize that it is a process.