Establishing a liquidating trust
The idea that you have to be rich to utilize a trust fund is a fallacy.Trust funds allow people to distribute their property and assets to beneficiaries without having to involve the courts in the probate process and without having to pay some estate taxes.The company's unsecured creditors received about 20 cents on the dollar more than anticipated at the time of confirmation.However, that was not a result of uncovered assets, a "mega-judgment" in favor of the liquidating trustee, or just plain luck.
The requesting department or school must complete Form 2203 FR.04 , which requires approval by the Provost.So, he said, if all of a person's assets are in a living trust, they pass to beneficiaries without being subject to probate. Any assets not specifically owned by the trust, he said, could be subject to probate, undermining the reason for creating it in the first place.Second, he said, in the vast majority of cases, probate isn't nearly as expensive, complicated or time-consuming as most people think.Since probate is a court proceeding open to the public, those who want to keep their affairs private may want to place assets in a living trust, which, in most states, is not subject to public scrutiny."If you own property in only one state, and don't have any of those special circumstances, going through probate isn't going to be the end of the world," he said.
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Liquidation A YSM department may request to liquidate an existing UFFE either in whole or in part.