Living trusts are actually a simple concept that can be an enormous benefit to your heirs. Living trusts are excellent estate planning tools that can be taken advantage of by just about anyone. You do not have to be rich or have a complex estate to realize the benefits of a living trust. A will is an important document that allows you to dictate how your estate is handled. However, a will alone still must be probated. Essentially, the probate process is a lawsuit that subjects your heirs to a long and potentially very expensive process. The bottom line is you can pay for a living trust now, or probate later. Often, the cost of an estate planning attorney is much less than the costs involved with probate, which often also requires an attorney.
Many assets can be passed to heirs probate free if properly titled. Avoiding probate with any other assets requires establishing a living trust. The simplest way to view a living trust is to think of it as a big bucket that holds any asset that can’t otherwise avoid probate on its own. Anything you place in the bucket passes to your heirs exactly the way you want it to without having to be tied up in probate court. Living trusts really are this simple, and putting assets in the trust, or taking them out, can also be very easy if the trust is constructed properly.
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