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Living trusts are established during an individuals lifetime and can be modified.. Circumstances do change and the option to make alterations in the trust is important. A living trust is set up on a revocable basis. Revocable means you can modify or change the trusts provisions. Your other option would be to create an irrevocable trust. Once put in place, you are unable to change the terms of the trust regardless of the circumstances.
As you will see, living trusts speed up the process by which your property moves to your designated Beneficiaries.. Today this is vitally important as the United States is experiencing an unprecedented wealth transfer.
It is estimated, according to Fortune magazine, that some $6.8 trillion worth of assets will soon pass on. The question how will this wealth be transferred? Will it be the traditional methods of wills and probate or the new revolution of estate planning that has incorporated living trusts? Many legal experts believe that living trusts are the future of wealth transfers. Purchase now to have access to all this great information.
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