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Secured debts: To resolve your secured debts, the property held as collateral may be ordered returned to the creditor Chapter 7 bankruptcy erases most unsecured debts, that is, debts without collateral, like medical bills, credit card debt and personal loans. Further, the executor may need to pay estate and inheritance taxes Does a will override a trust? Regardless of whether the trust is revocable or irrevocable, any assets transferred into the trust are no longer owned by the grantor. In such cases, the terms of your trust will supersede the terms of your will, because your will can only affect the assets you owned at the time of your death. Some courts don’t even need the date of death and have an online docket you can search by name Should you put retirement accounts in a trust? There are a variety of assets that you cannot or should not place in a living trust. These include: Retirement Accounts: Accounts such as a 401(k), IRA, 403(b) and certain qualified annuities should not be transferred into your living trust. Doing so would require a withdrawal and likely trigger income tax.

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