Living Trusts

A living trust is a popular way to avoid probate, which can be a very expensive and time consuming process. A living trust is created while a person is still alive who names a trustee to the assets of the trust. By setting up a living trust, probate is not needed for the trustees to inherit the assets of the trust. Anything that is transferred into the living trust before death doesn’t go through probate and can avoid any lawyer and court fees. The beneficiary simply transfers the named assets and once the assets are transferred, the living trust ceases to exist.

It is still a smart decision to have a will in addition to a living trust for any property that is acquired shortly before death or any property that is mistakenly forgotten to be included in the living trust. By setting up a will in addition to a trust, you can simply name a person to inherit any assets and property that is not already left to a different specific beneficiary. This will ensure that all of your assets are dispersed in a manner that you approve of rather than it being determined by the state.