Widows: Is A Living Trust The Best Thing For Your Estate?
If your estate is substantially large, you may want to keep out it of probate after your death. The probate process can prevent your loved ones from receiving your assets, property, and money in a timely manner. You can establish a living trust to keep your estate out of probate. Here's more information about a living trust and how you can establish one for your estate:
What's a Living Trust?
Most people are familiar with last wills and testaments. The last will and testament allow a trustee, or person in charge of an estate, to distribute your belongings, assets, and money to your loved ones some time after your passing. However, before a trustee can distribute your estate, the estate must go through a process called probate.
Probate allows the state and other entities to take some or all of the estate to satisfy loans, tax payments, and other financial obligations right away. A living trust allows you to bypass or avoid probate. A living trust allows you to choose when and how your financial obligations will be satisfied after your passing.
You generally set up a living trust before your death or passing. The trust is designed to distribute the contents of your estate to your designated beneficiaries. Your beneficiaries can be your children, grandchildren, spouse, or family friend. A trustee generally draws up the paperwork and submits, or files, it to the state. A living trust is a legal agreement that can't be broken by you, the trustee, or your beneficiaries.
If you're ready to begin your living trust, you'll need to contact an attorney for help.
What Can You Do Now?
A legal professional, such as a business attorney, can help you establish and secure your trust. You'll need to bring in copies of every asset and property you currently wish to place in the trust. You should also bring in copies of your banking accounts, including any savings accounts you own in your name. Once an attorney has the financial information they need, they can begin you trust.
It's a good idea that you choose your beneficiaries wisely. If you wish to keep or sell certain assets or property after your passing, select beneficiaries who can follow or keep your wishes after your passing. It's important to understand that once you choose a beneficiary, you may not be able to change your mind later on. However, you should discuss this matter with an attorney. An attorney can give you a clear view of what to expect once you establish your living trust.
You can learn additional facts about establishing a living trust by contacting a law office like Rudolph and Chonoles LLP.