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Avoid probate with a living trust

On Behalf of | May 30, 2024 | Probate

As you start planning your estate, you may encounter significant concerns regarding the probate process. This court-supervised procedure, which validates your will and distributes your assets to the right people after you are gone, can be expensive, public, and time-consuming – sometimes dragging on for months or even years.

Fortunately, there are methods you can use to avoid this process and unlock a smooth transition for your estate. The most effective and popular of them is the living trust.

The benefits of establishing a living trust

  • Privacy for your loved ones: A living trust is like a confidential folder for your assets. Unlike a will, it does not become a public record when it goes through probate. This means your family’s business stays just that – family business. This privacy can be crucial for maintaining family unity and shielding your loved ones from unwanted attention or conflict.
  • Reducing costs and time: Probate is not just a lengthy process; it can also be an expensive one, chipping away at what you have worked so hard to build. By opting for a living trust, your beneficiaries can avoid these expenses and access their inheritance more quickly. 
  • Direct control and flexibility: Aside from avoiding probate, a living trust also offers flexibility in managing your assets during your lifetime. You can serve as the trustee, maintaining control over your assets and amend or revoke the trust as your circumstances or wishes change.

Given its many advantages, it is no wonder that the living trust is one of the most favored estate planning methods in the United States. Taking the initiative to create a living trust early in life can be your gift to those you hold dear – one that says you are still looking out for them even in your absence.