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Advantages of a Living Trust

We own a small farm- is a living trust better than a will? Husband is 96 and wife is 86- bogth mentally capable.

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Snyderjean - depending on the value of your farm and your state's threshold for Probate (court imposed distribution of your assets); you're probably safer doing a living trust. There are many aspects unanswered here like if it is a working farm, has income and who is going to succeed you? A Will can work in tandem (with) our living trust but a Will alone in many states means your family still has to go through the court process in Probate court and it can create delays, disputes, unnecessary costs and private information becoming public record once things are filed in court.

To sum things up the benefits of a living trust are:
1. Avoids Probate
2. Distributes assets to whom you want
3. Keeps things private
4. Preserves estate tax credits (2 for spouses)
5. Avoids unnecessary court and legal fees.

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The advantages of a living trust include, avoiding probate, distributing the assets on time and bring able to appoint someone who will manage your properties. The settler is typically considered to be the beneficiary. Visit http://www.legalzoom.com/planning-your-estate/living-trusts/top-three-benefits for more.

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A living will means you will have your family and doctors unable to treat you in a way you don't wish. Ie: do not cremate, do not resuscitate, bury you together, it will insure that you get what you want if you become incapacitated and can't tell anyone what to do. It's a safety net for you. Everyone should have one in place. Me I don't want more than one operation for cancer, and no treatment if I get bad burns.

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