As you may have heard about the complex and long process of probates, you may be inclined to try and avoid the process altogether. When you are going over your estate planning desires, your main priority is likely leaving as much of your wealth to your children and heirs as possible. Through the probate process, you are required to leave a good amount of your money to probate lawyers. Did you know that living trusts make it possible to avoid probate and probate fees altogether?<\/p>\n
Living trusts allow your family to transfer your property in a quick, efficient manner without having to go through probate. To make a living trust, you must first formulate a declaration of trust. A declaration of trust is a document similar to a will. Spouses can name each other as co-trustees on their declaration of trust.<\/p>\n
Through this document, you list your beneficiaries and who will receive your property in the event of your passing. It is recommended that you formulate a back-up will so that you can ensure any non-transferred property still goes to your beneficiaries. Failure to do so will simply result in any remaining properties being transferred to your nearest relatives.<\/p>\n
The only burden associated with living trusts is that you are required to be diligent in day-to-day record keeping. As long as you obtain the required paperwork, your final wishes will be guaranteed. Once you pass, your successor trustee will receive ownership and will be able to divide the estate according to your wishes.<\/p>\n