How Could a Living Trust be Helpful at My Death?
Most people are familiar with the necessity of drafting a Will in the event of their death. But depending on your estate, creating and managing a living trust could be the most beneficial option for your beneficiaries after your death. A living trust is a trust you create while you are still living. A Grantor (you) will place property into the trust and that property is then held by the trustee in the name of the trust and managed by the Trustee. With a living trust, the Grantor can also be the trustee, meaning you can retain control over your own property while you are alive.
In the event of your death, the management of your trust will then be managed by your appointed trustee. Unlike a Will, the distribution of your property
to your beneficiaries can be done according to your directions without court supervision and involvement. Another advantage of a living trust is that it saves your beneficiaries time and money by allowing them to skip probate.
Probate is a court-supervised process for transferring assets to the beneficiaries listed a will. After you die, a petition is filed with the court and notice is given when a hearing will be held. An inventory of your assets is filed with the court who then notify any creditors so they may file a claim. Probate continues until all claims are closed and the court approves the final distribution of your assets.
An advantage of a living trust is that the whole Probate process can be circumvented meaning your beneficiaries have faster access to your property
and will not have to wait for creditors to file their claims. Additionally, the cost of opening and managing a living trust can be less than the cost of probate.
Planning Your Estate?
If you are looking to being estate planning
Travis G. Black & Associates can assist you today. With over twenty years of legal experience, you can rest easy knowing you are in good hands. As a client-centric firm, we are dedicated to providing you with clear guidance and steady communication throughout the planning of your estate.
Give us a call to schedule a free, confidential consultation.