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Consider a living trust to protect your assets

You have always wanted to leave behind assets to your beneficiaries. It's been a goal of yours to improve your financial situation and create wealth for your family in the future.

One good way to pass on assets to your heirs and beneficiaries is through a living trust. A living trust is unique. It places your assets into a trust for your own benefit while you're still alive. At the time of your death, those assets can then be transferred to your beneficiaries.

What do you need to do to set up a solid living trust?

To start with, you need to choose what you're going to put into the trust. You can add in items such as real estate or specific items in your home. Other assets, like bank accounts, won't need to be in a trust since they're usually paid out upon death to the beneficiary you already chose.

You should also choose the right kind of living trust. Most people will choose revocable trusts during their lifetime because it's able to be changed or canceled at any time, but you should talk to your attorney about what's right for your situation.

The next step is to designate a trustee. Your trustee will manage the trust. You can be the trustee, or you can choose someone else.

A trust agreement comes next, which is something your attorney will help with. After that, you'll sign the trust in front of a notary public and transfer your property into the trust. Your attorney will help you along the way so that your trust is set up correctly.

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