Understanding the differences between a Living Trust and a Last Testament or Will is essential when it comes to estate planning. Although they have different functions, both texts have significant goals. Here, we'll examine the pros and possible drawbacks of each to assist you in making a wise choice.
The Steps of Trust Administration
After the creator(s) of a trust have passed away, the designated successor trustee then takes on the crucial role of administrating that trust. Administering a trust involves several critical steps to ensure that the trustee manages the trust according to its terms and in the best interests of the beneficiaries. Understanding these steps can help trustees fulfill their duties effectively and avoid legal complications.
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