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Advantages and Disadvantages of a Living Trust
Advantages:
Avoids probate but not necessarily estate taxes
Administers property in different states with one document
Manages business and personal affairs during your life
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Depending on state law, it may protect separate assets in case of divorce
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Disadvantages:
Expensive to draft
Involves costs to update
Expenses can outweigh benefits
Not court-supervised
To protect assets, the trust must be funded with them.
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