![]() Unlike a Last Will and Testament, a Living Trust avoids the probate process and can therefore be administered immediately after death. The principal will specify the beneficiaries and designate a trustee or successor trustee who will have permission to distribute the estate after the principal passes away. During the lifetime of the principal, they can continue to manage the estate as if the assets were still in their possession. Living Trust (Revocable) – Creates an entity that holds ownership of the principal’s assets until they die or the document is terminated or revoked. Signing Requirements – Signed by the principal and two (2) or more witnesses who were present either when the principal signed the Will, or when the principal acknowledged the signature or the Will itself.While a Last Will and Testament can be simple to create and requires no costs at its inception, the document will need to go through the probate court after the principal dies which can be a tedious process due to the additional costs and extended processing times. Last Will and Testament (‘Will’) – A standard document that allows the principal to indicate the beneficiaries of their estate along with the assets each party will be given following the principal’s death. This process can be accomplished through the execution of one (1) or both of the following documents: Benefits From Social Security, Medicare, Medicaid, or Other Governmental Programs, or Civil or Military Service Īfter the principal’s assets have been itemized and the beneficiaries have been selected, it will be necessary to draft an estate distribution document that outlines how the assets will be handled following the principal’s death. ![]()
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