Dealers Agreement between Active Assets Premier Money Trust and Morgan Stanley Dean Witter Advisors, Inc.

There are pros and cons to revocable living trusts. Some of the Pros of a Revocable Trust. It lets your estate avoid probate. It lets you avoid ancillary probate in another state. It protects you in the event you become incapacitated. It offers no tax benefits. It lacks asset protection.

Trust is confidence in the honesty or integrity of a person or thing. An example of trust is the belief that someone is being truthful. An example of trust is the hope a parent has when they let their teenager borrow a car.

Paperwork. Setting up a living trust isn't difficult or expensive, but it requires some paperwork. Record Keeping. After a revocable living trust is created, little day-to-day record keeping is required. Transfer Taxes. Difficulty Refinancing Trust Property. No Cutoff of Creditors' Claims.

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will.

To manage and control spending and investments to protect beneficiaries from poor judgment and waste; To avoid court-supervised probate of trust assets and be private; To protect trust assets from the beneficiaries' creditors;To reduce income taxes or shelter assets from estate and transfer taxes.

Some of the larger trust companies are Northern Trust, Bessemer Trust, and U.S. Trust, which is now part of Bank of America Corporation.

Wills and Trusts FAQs Deciding between a will or a trust is a personal choice, and some experts recommend having both. A will is typically less expensive and easier to set up than a trust, an expensive and often complex legal document.

If you fail to receive a trust distribution, you may want to consider filing a petition to remove the trustee. A trust beneficiary has the right to file a petition with the court seeking to remove the trustee. A beneficiary can also ask the court to suspend the trustee pending removal.