Dear Reader,
According to Tara Siegel Bernhard, most people set up trusts to avoid the probate process, the long and costly court-supervised process (Nachlassgericht) to settle a deceased person’s estate common in the USA.
“Here’s how the revocable trust works: you put all of your assets into the trust, which remains in your control and can be changed at any time. For the trust to work, you need to re-title all of your assets to the trust (a "pour over" will is also typically used to transfer, or "pour over," any assets that weren’t in the trust at the time of your death). After you die, a trustee that you name distributes the assets according to your instructions, all (the) while avoiding probate.“
The probate laws differ from state to state and can become very complicated if, for instance, a case crosses state lines (= part of the family lives in more than one state).
More useful vocabulary:
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Personal and charitable trusts |
Treuhandgesellschaften |
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Trust and estate services |
Treuhand- & Vermögensplanung |
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Philanthropy and non-profit services |
Wohltätigkeit und gemeinnützige Leistungen |
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Wealth protection strategies |
Vermögensabsicherung |
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Personal trust account |
Treuhandkonto |
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Trustee information |
Treuhänderdetails |
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Charitable trust account |
Gemeinnützige Stiftung |
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Charitable donation preferences |
Bevorzugter gemeinnütziger Verein für Spenden |
Kind regards,
Nelly Thomas
