Estate planning is crucial to ensure your family and loved ones get the assets that are designated to them after your passing. During estate planning, most people dread probate. The major problem with probate is the process which can be very time-consuming and expensive because you have to go to court and hire attorneys.
Probates usually take between six months to one year to complete and that’s a long time before the beneficiaries can have access to the property designated for them.
One proven way to avoid probate is to create a living trust. To create a living trust, you need to hire a professional trust attorney. This article will explain how a living trust attorney can help you create a living trust to avoid probate. Continue reading to learn more.
The role of a living trust attorney in avoiding probate
Creating a living trust is an alternative to creating a will. A trust is a legal structure that allows you to transfer your accounts and property during your lifetime. Doing this allows you to be named the trustee, with complete control over your assets while choosing beneficiaries to inherit them.
A living trust is created while you’re still alive and you can be the trustee of your trust until you’re not able to oversee your financial affairs anymore, or you pass away. When it comes to this, your chosen backup trustee (also called the successor trustee) assumes your role and manages the trust on your behalf and that of your beneficiaries. A trust attorney helps you create a living trust while you’re still alive and this trust helps you avoid probate.
How does a trust help you avoid probate?
- Ownership of assets
You transfer ownership of your assets to your trusts when you create a living trust, hence, these assets are no longer regarded as part of your assets. This means they’re not subject to probate. And in case you’re unable to oversee your finances, or you pass on, your successor trustee assumes your role of managing your trust and distributing your assets to the designated beneficiaries. This allows for a smooth and seamless transition without the need for a probate.
- Immediate asset distribution
A living trust ensures a fast and quick distribution of assets to beneficiaries, unlike the probate process which takes at least six months to a year before the benefits have access to their designated assets.
- Privacy and confidentiality
Apart from taking long before it’s approved, another reason people dislike probate is that details of their assets and beneficiaries are often disclosed to the public. However, living trust is not like that. It’s a private document that’s never disclosed to the public; it always remains confidential.
Conclusion
Creating a living trust is an effective way to avoid probate and facilitate the estate administration process. Creating a living trust allows you to retain control over your assets, guarantees your privacy, and allows your beneficiaries to receive their designated assets at the appropriate time.
To create a living trust, work with a professional and experienced estate planning attorney who can help plan your trust according to your wishes and unique circumstances. At Citadel Law Firm, we can help you establish a trust that protects your assets and guarantees a secure future for your loved ones.
Contact us today to learn more about our services!