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LIVING TRUSTS

A trust is an arrangement under which one person, a trustee, holds legal title to property for another person, a beneficiary.? A trust is a useful way to avoid probate proceedings because your property has been legally titled in the name of the trust before your death.? A living trust simply means that it has been created before you die.? While you are alive the trust is generally controlled by you and you are able to adjust or revoke it anytime you like.? The trusts can be established with alternate trustees to manage the assets if the creator of the trust becomes disabled and unable to honor his or her affairs.? By establishing a living trust, your assets can be distributed upon your death to the designated beneficiaries in a matter of weeks with no significant?attorney fees to pay.? Once all of the trust property has been distributed, the trust ceases to exist.? Living trusts can be a very valuable tool when you own assets in more than one state, because filing probate proceedings in two jurisdictions can be very expensive.

Smith Elliott Smith & Garmey frequently assists individuals in setting up living trusts for a variety of reasons ranging from succession concerns to the desire to avoid the probate process.??

Listed below are attorneys who specialize in Trusts

William S. Kany
Jessica Adler Coro

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Smith, Elliott, Smith & Garmey, P.A.
Portland, Maine
Saco, Maine
1-800-287-2797