When many people hear the word “trust,” they immediately think of incredibly wealthy people who use various legal mechanisms to protect their assets. In reality, trusts are available to anyone with assets, and establishing a living trust can ensure that your assets go to your beneficiaries as efficiently as possible. Read on to learn more, and don’t hesitate to consult with a Greensboro estate planning lawyer.
What is a Living Trust?
A living trust is a trust that you establish during your lifetime. When you place assets into a trust, the trustee holds them for the benefit of the trust’s beneficiaries. In a living trust, you can be the trustee of your own trust, which means that you can continue to enjoy control of your assets while you are alive.
What are the Benefits of a Living Trust?
At this point, you’re likely wondering why you would want to put your assets into a trust. The main reason is to avoid probate, which is the legal process by which a person’s assets are administered after they pass away. Probate involves a variety of matters, including:
- Ascertaining the decedent’s estate
- Determining whether a valid will exists
- Appraising the value of certain items
- Paying the decedent’s taxes and other debts
- Hearing challenges to the administration of the estate
This process can be extremely time-consuming and expensive, as probate often involves attorneys, appraisers, and other professionals who charge significant fees. When you choose to pass assets through a living trust, however, they pass directly to your beneficiaries without having to go through probate. In this way, putting your assets into a living trust can save your family and estate significant time and money.
Learn More from a Greensboro Estate Planning Attorney
If you have any assets that you plan to leave to others, you should consider creating a living trust with the assistance of an attorney. At E.J. Boswell Law Office, we help people like you create comprehensive estate plans that protect their assets and wishes. To schedule a consultation, call our office today or contact us online.