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aws试用账号(www.2km.me)_Living trust in estate planning

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Bhavanash Sharma: For a will, a probate process is needed and that means having to wait until the order is obtained from the courts of law. What a living trust does is it names a trustee who can immediately take care of your end-of-life affairs, like paying for funeral costs and distributing property to heirs

A living trust has its own benefits over a will.

A will becomes a public document upon a person’s death as probate is granted.

A living trust works best if you have a lot of assets in many places, have a family business, have complicated family situations or are a single person.

It has been said that estate planning for single persons is more important than married ones. This is so because if a single person dies without a will, then the default rule applies according to the Distribution Act 1958.

“Trust or living trust, also known as inter-vivos trust, is a unique trust that is kind of a fund that can own someone’s property or chattel while they’re still living,’’ said lawyer Bhavanash Sharma.

He said almost anything that has value of any kind can be placed in a living trust, including real estate, bank and savings accounts, vehicles, fine art, jewellery and virtual valuable items like intellectual property.

Anyone can set up a living trust as a part of their estate plan. But for now, only a small percentage of people actually need a living trust.

The biggest benefit to setting up a living trust is that the assets are quickly distributed upon death as opposed to a will.

For a will, a probate process is needed and that means having to wait until the order is obtained from the courts of law.

What a living trust does is it names a trustee who can immediately take care of your end-of-life affairs, like paying for funeral costs and distributing property to heirs, without having to wait on a probate judge to first grant the order, he said.

This is beneficial especially if you have minor children whereby you can avoid all of your assets getting stuck in a probate process, and quickly deal with the children’s basic maintenance, education and even living expenses.

It also means less waiting time and probably less probate costs.

He said a living trust offers more protection if challenged. It is less likely to be challenged than a will as it makes it a lot harder for the challenger(s) to prove that you were coerced into signing documents or forced to go through the whole process of funding the trust.

It provides protection against negligence claims, creditors or bankruptcy. A living trust is getting popular among professionals especially in relation to asset protection against negligence claims and creditors or bankruptcy. But this is subject to the relevant laws in Malaysia, including, but not limited to, the Insolvency Act 1967.

“Most importantly, a living trust protects privacy. Since a will is a public document, anyone can get a copy of it after a person’s death as it will become a public document after the grant for probate is applied,’’ he said.

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