Estate planning enables you to:
Probate is a legal process supervised by the court. The purposes of probate are:
A deceased person’s assets and debts may be subject to the probate process when that person dies with only a will or dies intestate (i.e., without a will).
A will does not shield assets from probate. However, there are still benefits to having a will, such as:
A trust enables you to:
A single person, a married person or a married couple may establish a trust.
A Living Trust is another name for a Revocable Inter Vivos Trust, which is one type of trust. “Inter vivos” means “during life,” and refers to a trust that is created when the settlor (aka “grantor” or “trustor”) starts the trust during the settlor’s lifetime. Usually a Living Trust may be revoked or amended (changed) during the settlor’s lifetime. There are other types of trusts which have specific tax, economic or management purposes.