Distribute Your Assets Privately in Less Time with a Living Trust
A living trust allows you to place your assets into a trust to later be passed on to your beneficiaries upon your passing. This process calls for you to choose a successor trustee who transfers the trust to your beneficiaries. After death, your assets are subject to the lawful debt. The successor will pay your debts according to the instructions you provide.
Living trust vs. a will
A living trust differs from a will. A will document calls for asset distribution after your death by your chosen executor. It can take a longer time to distribute your assets this way. Assets are more quickly distributed to heirs through a living trust. A living trust does not have to go through probate court proceedings as a will does. With a will, it’s necessary to go through probate court where decisions can take months and even years to reach a conclusion.
Speed and simplicity
A living trust also allows you to choose a guardian for your children upon your death. It may cost more to develop the living trust document than a will. Consider if it is a more beneficial option for your family. Having a living trust completed at the time of death can save your family money due to not having to go through probate.
Manual transfer of assets is necessary, as writing up the living trust document doesn’t actually move your assets. If you want to transfer property to your living trust, you’ll need to complete a new deed in the name your trust. Contact us for information on how to move assets to a living trust.
Privacy of asset distribution
A living trust is not public with all distributions in private. Whereas, a will is a public record. With a living trust, out-of-state properties will not have to go through probate court for distribution. Distribution of your assets through a living trust is not a court supervised the process. You can create a Declaration of Trust without a lawyer. The process takes a few weeks or less.