Probate can be an extremely time consuming and expensive process that is best avoided whenever possible. With this in mind, it is essential to work with an estate planning professional to safely and confidently plan ahead for the future.
A living trust can be a great option when it comes to considering the future and helping your heirs avoid probate. While you are still living, an estate planner can help you set up the trust so that you are both the beneficiary and the trustee. This means that even when you move assets into the trust, you would still be in control of them to the same extent that you were previously. You can then appoint a successor trustee to handle the trust in the event that you begin to experience any mental disabilities and can no longer control the trust on your own. The trust document can also designate both a successor trustee and a successor owner of the trust to take over in the event of your death. It is worth noting that a living trust is revocable, meaning that, even after you set it up and appoint successors, you would still have the ability to change or cancel the trust if needed.
It is important to remember when setting up a living trust that you need to change ownership of homes, or any other property you wish to put in the trust, from your name to the name of the trust. Creating a living trust and conveying ownership of items can often be a confusing process so it is important to get help from estate planning professionals. We are here to help you make sure that everything is set up correctly so that the transition after your death goes smoothly and your heirs can avoid probate.
A living trust is a powerful estate planning tool for many reasons. If you would like to learn more about living trusts and how to start setting one up, or if you simply have questions about what you should be doing to plan for the future, contact the team at Horn & Johnsen today: https://hornjohnsen.com/