When we pass, most of us want to leave most of our assets and wealth to our children, spouses, or other heirs. However, in many cases, a bulk of your money ends up being given to a probate attorney. When you make a trust, it’s also a good idea to make a back-up will. This helps ensure that your property, not transferred to the trust, goes to people or charities you want. For this reason, having a living trust can help you avoid paying probate fees.
What is Probate?
Probate is a term that describes the legal process where the will is reviewed to determine if it’s valid and authentic. In some cases, the court certifies your will and trust to avoid disputes after death. Whether you have a will or not, probate will always be necessary if the deceased owned any property with another person.
To create a simple living trust, you’ll need to hire a great attorney who can assist you with all the paperwork. An attorney can also help prove the validity of existing will or trusts.
How to Avoid Probate?
There are two main reasons to avoid probate: time and money. Remember going through probate is a court process. This means it will involve different proceedings and hearings that can take months to several years to resolve. By having a living trust, you can avoid probate on many assets you own, from real estate to bank accounts. Similar to a will, a trust document appoints someone to take over as trustee after you die.
Probates are generally simple to avoid, yet most people fail to take the steps needed to plan their estate accordingly. A probate attorney can help you strategically use your living trust to bypass probate when settling your estate. Contact us to learn more about probate and reasons to avoid its effects on your assets.