Uses Of Trusts

Uses Of Trusts From Wikipedia

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Uses Of Trusts
from: Wikipedia
In order to expedite the process of transferring assets to intended benficiaries, some people choose to arrange their property so that it can bypass the probate process upon their deaths. For example, placing property into a trust before death (as opposed to a testimentary trust) will often allow the accomplishment of the objectives of property distribution without coming under the jurisdiction of a court and the possible redistribution after a lengthy contested probate process and trial. Similarly, jointly held property (in common law systems), life insurance, annuities, US Tax Code section 401(k) Retirement Plans or Individual Retirement Accounts (also known as RRSPs in Canada) will also avoid probate as these devices allow property to transfer to beneficiaries outside the probate process.

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This article was posted on January 5, 2005

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