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Time and expense
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Can be simple or complex, depending on the size of your estate. More complicated estates will require more attorney hours, which could add to the cost.
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Simple to create and relatively easy to change. Probate is an added expense that should be considered.
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Flexibility
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You can change or amend your trust at any time, but you may need an estate attorney's help.
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You can update your will at any time, but it's advisable to keep track of the latest version to avoid potential will contests.
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Establishes guardianship
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No. You'll need to pair your trust with a will that includes guardianship provisions.
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Yes. If you have minor children, you must create a will to stipulate guardianship should both parents pass.
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Subject to probate
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No. Assets within the trust do not have to go through probate.
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Yes. Your executor will have to open probate in each state where assets are held.
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Implementation
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Effective once it's established and assets are transferred.
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Only upon your death.
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