| What is a Trust? |
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A trust is like a corporation.
A corporation is just a bunch of pieces of paper. You can't see it, taste
it, feel it, or touch it. But - a corporation can buy property, sell property,
even take out a mortgage.
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A trust is like a corporation.
It is just a bunch of pieces of paper. But - the trust can buy property and
sell property, just like a corporation.
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When you set up a trust, you
are setting up an estate planning corporation. You are the president of the
corporation. Since you are the president of the corporation (the trust) -
If you want to sell your house, you just take a piece of paper and sign your
name to it.
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In Addition you get to appoint
your Successor President of the Trust if something happens to you.
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The Successor President of the
Trust can take over the trust on your death - the Successor President (Trustee)
must follow your wishes with regard to the trust - Your successor can take
a piece of paper and sign his name to it and sell your house.
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Because your successor doesn't
need the judge's signature (in probate), you don't need to deal with probate,
you don't need to hire an attorney and your family saves a lot of money,
not to mention grief, hassle and time.
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