[quote=mp7444]By the way, I did some searching on http://www.sdtreastax.com/ site (just to experiment :P), and found some address and it shows as “FAMILY XXX TRUST”, instead of last name and first name. How do they get that?
Thanks.[/quote]
A living trust is a vehicle to handle wills/estate issues. Basically assets are owned by the trust (including real estate if you choose) and then the owners “own” the trust – and therefore the assets. The idea is that you transfer the large assets (investments that are outside a 401k, homes, etc) into the trust.
A trust does not go through probate.
The trust outlines who inherits the trust by laying out beneficiaries of the trust. In that respect it acts similar to a will – but only addresses the assets held in the name of the trust… so it doesn’t say who’s going to inherit Aunt Hattie’s china. (because Aunt Hattie’s china isn’t titled in the name of the trust.) That needs to be outlined in a separate will.
