Planning your estate preserves your assets for the benefit of the heirs. It can be disastrous for those who assisted you in building the estate to be depleted after death. This article explains how you can use a living trust to secure your assets from the probate process.
Planning one’s estate entails transferring some assets to a living trust as a way of bypassing probate. The probate process validates the properties of the deceased and distributes them to the legal heirs. In most states, probate is mandatory if the value of the deceased’s estate is over a certain amount; for instance, $100,000.
Proper preparation is key to success. Working with a “probate attorney near me 11424” is the best way to start the process of avoiding probate.
The court runs the process, and any documents presented during the proceedings become public property. It can get overwhelming and costly, especially if some relatives decide to contest the will.
Through establishing a living trust, one’s estates are titled with the name of the trust. In technical terms, the trust owns the assets and becomes in charge of them. This means that when the owner dies, these properties are excluded from probate because the titles no longer bear his name. You can always engage the services of an attorney to create and fund a trust.
The attorney will assist you in drafting the trust, then guide you on how to fund it. Funding, in this case, means transferring some of your assets to the trust. You will then be named as the trustee of these assets while still alive.