Living Trust: A living trust is a legal document that allows you (commonly known as the grantor) to transfer your assets to a trust that you created during your lifetime. A living trust is private, flexible and can protect your assets and beneficiaries. There are two types of living trusts, either: revocable or irrevocable. A revocable living trust can be amended as many times or revoked at any time as long as you are mentally competent. An irrevocable living trust cannot readily be amended or revoked once created. When the grantor passes away, the successor trustee steps in.
Trust Administration: The successor trustee is usually someone named by the grantor in the trust document. When the grantor passes away, the successor trustee steps in to assume the role and all the responsibilities listed in the trust document.
Bankruptcy: US Federal bankruptcy protections under Chapter 7 may take 2 up to 6 months to complete.
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