How Do Living Trusts Avoid Probate?
If you’re interested in creating an estate plan, you probably don’t want a large chunk of your estate to go towards probate costs. Thankfully, trusts help estates avoid the hassle and expense of probate.
Probate is the process of validating a will, appointing a personal representative to handle the estate, paying the estate’s debts and taxes, then distributing what’s left of the estate to the heirs. A living trust allows for the immediate transfer of property to your beneficiaries without the cost of court fees and attorneys fees!
The Key Benefits of a Living Trust:
- Living trusts are easy to maintain.
- Living trusts avoid probate.
- Living trusts can be modified at any time.
- You can name yourself as Trustee and continue to manage the assets of the trust.
- You do not need to file a separate tax return for your trust.
- If you’re married, you and your spouse can use a living trust to keep your individual property separated.
Call Legacy Law Firm at 605-275-5665 today and schedule your free estate planning consultation!