The word “probate” instills fear in a lot of people, and rightfully so. This can be a time-consuming process with more than its share of pitfalls. For some estates, it will be well worth the investment to find a way to protect your assets and avoid probate.
A living trust will keep your estate out of probate. You create a trust and place your assets in it. The trust document will have instructions about how your assets will be distributed on your death. Essentially, you are going through the legal process now concerning your assets and sparing your heirs from having to deal with it after you die.
A living trust has a number of advantages beyond avoiding probate. The foremost benefit is that you are still in complete control of your assets. You are your own trustee, and you make the investment decisions. The next advantage is that you name a successor trustee to make decisions if you are longer able to do so.
This is a worthwhile solution when you have a large estate. It will cut the time that it takes to distribute the assets. At the same time, there will not be a public notice of probate, so you can maintain privacy.
If your situation is complicated, you may be better off with a trust. It can reduce the risk of litigation that may happen in probate, which could be expensive and tear your family apart. There is a cost to establishing a trust, but it could be a worthwhile investment to spare your family from issues in the future.
The St. Augustine trust attorneys at Naples & Spence can assist with all of your estate planning needs. Call us at 904.901.7096 or contact us online to learn about your legal options.
