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Estate Planning If I have a Will, do I need a Living Trust? Probate is very expensive and time consuming. The probate process may take 1 to 2 years of longer, during which time all of your assets are frozen and can lose value. Your family must petition the court for the use and control of your assets, which is a legal nightmare. These problems would be completely avoided with a Living Trust. Does a Living Trust avoid Probate? Yes. You simply transfer all of your property into the trust. Since you no longer own the property in your name, there is nothing left in your personal estate that requires probate upon your death. It’s that simple!
Doesn’t Joint Tenancy avoid Probate? If your joint partner is sued, you can lose your property. If your joint partner is incapacitated, you won’t be able to sell, tent, or refinance without first obtaining the court’s permission (i.e. a conservatorship). Joint Tenancy is a very poor substitute for a Living Trust. Is it difficult to transfer my property to a Living Trust? No. You still maintain complete control over your property just as you do now because you become the manager, or Trustee, of the trust. Also, you may change, amend or revoke your Trust at any time. What happens if I become incapacitated? With a Living Trust, your spouse, child or trusted relative (i.e. your “successor trustee”) takes over for you immediately upon your incapacity. Your successor trustee would continue to follow your wishes as set forth in the trust. When you recover, you automatically regain control. If you die, your successor will make the distribution of your trust property according to the instructions left in the trust.
Is a Living Trust expensive? Are there any disadvantages to a Living Trust? No. Everything about a Living Trust is advantageous to you and your beneficiaries. It plans for incapacity, avoids the anguish and cost of probate, and can save hundreds of thousands of dollars in estate and income taxes. Do I need an attorney to prepare my Living Trust? Yes. A Living Trust is a legal document. Probate is a legal process. Only an attorney is qualified to give you legal advice. Errors caused by a paralegal, financial planner, or do-it-yourself form kit could defeat your estate planning intent, and be extremely costly. Your estate and family’s future is worth obtaining the legal advice and expertise of an attorney. |
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