Like a will, assets are detailed and specified as part of a trust. Unlike the will, trusts do not have to go through the same process of being filed through probate court. This can save time and, in some cases, on the taxes that go along with executing a traditional will. There are ...
or (2) turn over their assets to be administered by a trustee and be released from any further liability to their creditors. The three most common types of bankruptcy (named for the part of the Federal Bankruptcy Code where they are found) are: ...