When you go to set up a revocable trust, you are taking substantially all the assets in your estate and putting them into the name of the trust. There may be assets that you leave outside of the trust for specific purposes, but for the most part, all of your assets are in the trust. If you’re married, you and your wife are the co-trustees on this trust. If one of you passes away, the other person takes over legally and automatically. You also have a successor trustee who is somebody who is good with money and who knows your family. When both you and your spouse are gone, the successor trustee takes over automatically that day. No probate and no courts, that successor trustee has the power to act on behalf of the trust in selling off your assets and distributing your assets. It’s a very simple process, but it needs to be set up properly.
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