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“Scenario: Your father was smart enough to have a trust drafted. As a result, his property can pass to you and his other beneficiaries without the lengthy and costly process of going to probate court. Now what?” asked Tyre.
When one’s father has a trust drafted, he became both the trustor (trust creator) and the trustee (the person in charge of the trust). “When he passed away, your father named a successor trustee (the next person in charge of the trust) to administer the trust,” added Tyre, who focuses on estate planning.