A living trust can help you avoid probate and pass on your estate to your children in a neat and systematic manner. It puts all your affairs in order while you are still alive, so all the children have to do is take your place on the trust as your beneficiaries. The process is simple enough, and requires the creation of a revocable trust that will hold all your assets. You and your spouse serve as trustees with the power to buy and sell or transfer the assets. When you die, your children can take your place as trustees and there will be no probate involved.
Would you like to find out more about estate planning/probate and living trusts? Our attorneys are here to help you and your family with this. Contact a wills and trusts lawyer in your area today to discuss the details of your case and explore your options.
Major benefits of a living trust as compared to traditional wills include:
A living trust is a much more challenge-proof way to settle your affairs and make sure your children follow your direction about how to use the money. Unlike wills, which can be contested, there will be no room left for any court challenges. There are a few shortcomings, such as the inability to appoint guardians for children or name an executor for the estate which you can do in a will.
There is some expense involved in setting up a living trust, but that is more than balanced out by the lack of probate costs. The costs of setting up and running a living trust are about 1/10th of what it cost for the same estate to go through probate.
Do you have legal questions about living trusts and probate? Our lawyers may be able to help you with this matter. Contact a wills and trusts attorney in your area today to learn more about living trusts and estate planning.
Did you know?
You can revise a living trust just like a will.
You can choose to modify a revocable living trust at any time, such as adding or removing beneficiaries and assets to the trust.