Probate Living TrustA living trust is basically a legal way of making sure that you are able to protect your assets or decedent's property. By establishing a living trust you will be able to transfer all the assets to your heirs. Trusts for protecting assets provide a lot of privacy as it doesn't have to go through a court system - which means that you can avoid probate living trust. One of the best things about a non-probate living trusts is that the distribution is quicker as compared to a probate living trust where distribution can take months. Apart from this there are different types of tax advantages for you if you own a large amount of assets. Another plus point is that when you create a trust for protecting assets then the terms is not disclosed to the public. In some ways it is similar to a will. There are quite a few advantages of establishing a living trust as compared to a will but there are disadvantages too. One of the disadvantages is that you will have to pay a higher cost to protect your assets through a living trust as compared to a will. In such a scenario, you should consult an attorney to ensure that you are taking the right step. Legally a living trust is known as a revocable inter vivos trust. Inter vivos basically means that the living trust was created in the presence of the decedent and revocable refers to the fact that it can be changed or revoked any time by the decedent. If you are establishing a living trust then you will automatically become the settlor. As a settler of a living trust, you can manage your property before death and it can be managed by your heirs after death. By avoiding a probate living trust, you will be able to protect your assets in a better way and also decide how the wealth of the trust or the assets can be distributed after your death. If at any time, you become disabled or incapacitated then the trust will manage all your financial affairs by nominating a successor settlor. After establishing a living trust, the assets acquired in your name can be distributed using a pour-over will. Hence a pour over will is also an important part of the living trust. But the biggest advantage of having a living trust for protecting assets is that a living trust will not have to go through a probate. Most wills on the other hand have to go through a probate, which means the court. Of course there are different types of estate planning options available, which avoid probate, just like a living trust for protecting assets. Some of the different estate planning options include life insurance policy, joint tenancy, in-trust-for bank account or Totten Trust, pension or Keogh accounts and individual retirement accounts. Avoiding a living trust probate is not impossible or difficult! |