Why a Living Trust?

The benefits of a Living Trust

One of the most common reasons people create a living trust is to avoid the costs and delays that come with probate court administration. Court costs and legal fees can easily go into the thousands of dollars. A living trust is a document that you sign while you are still alive and competent that gives you complete control over your assets for as long as you are alive and competent.

Your assets are distributed by your successor trustee according to the plan you established in your living trust when you die. All of this takes place without the use of a probate court.

Some people believe that their loved ones do not need to involve lawyers or the probate court if they have a Last Will and Testament. This is incorrect. A Will will not prevent you from going to probate court if you have assets in your own name. A properly executed Will, on the other hand, might be thought of as your "entry ticket" to court. Your estate must be administered at the probate court for the county where you lived at the time of your death, and a personal representative must be chosen. This can be avoided with a properly formed and implemented revocable living trust.

Your time today might save your family hundreds of dollars and hours of pain in the future.