DocDraft's Trust Under Agreement vs Trust Under Will templates are tailored for speed, accuracy, and compliance. Whether you're an entrepreneur, lawyer, or individual, we've designed our legal templates to help you quickly create legally binding documents with ease.
Things to know about Trust Under Agreement vs Trust Under Will
A Trust Under Agreement is a legal arrangement where a trustee holds assets on behalf of beneficiaries, created during the grantor's lifetime. A Trust Under Will, or testamentary trust, is established upon the grantor's death, as specified in their will.
- Trust Under Agreement is effective immediately upon creation, while Trust Under Will takes effect after the grantor's death.
- Trust Under Agreement allows for more privacy as it doesn't go through probate, unlike Trust Under Will.
- Trust Under Will can be more flexible in terms of amendments during the grantor's lifetime.
- State laws may affect the administration and taxation of both types of trusts, so it's important to consider local regulations.
Checklist for Trust Under Agreement vs Trust Under Will preparation
- Identify the type of trust that suits your needs: inter vivos (living) or testamentary.
- Determine the assets to be included in the trust.
- Select a reliable trustee to manage the trust.
- Define the beneficiaries and their respective shares.
- Consult with a legal professional to ensure compliance with state laws.
Why Use Trust Under Agreement vs Trust Under Will from DocDraft?
- Legally Compliant: All templates are rigorously designed to ensure compliance with legal standards.
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- Customizable: Personalize your document with clauses specific to your needs.
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