What are the benefits of having Zellar & Zellar, Attorneys at Law, Inc., set up a trust for you vs a last will and testament?
Anyone that has worked hard to provide for their family does not want to see them struggle after they have passed away. Dealing with a lengthy and expensive court battle after the death of a loved one is especially difficult, and this is why so many have turned to legal options such as wills and living trusts. Here is a closer look at each of these options and why a living trust may be an ideal choice.
In general, a will is a legal document that is created by an individual in order to pass along their assets to family members and loved ones. The will must be written and overseen in a very specific manner in order for it to hold up in court. In addition to stating where an individual would like their assets to go, a will can also clear up confusion in situations such as appointing a guardian for an underage child or grandchild. As long as the individual with the will remains alive, they can revoke or alter the document at any time.
A trust is a slightly more comprehensive approach to estate planning and it often includes a last will and testament. A living trust helps transfer one’s property and assets over to another party in the event of their death or if they become incapacitated and appoints a trustee to oversee everything. Trusts allow a person to avoid probate as trust assets are not part of the probate estate which is available to pay claims of creditors. . Just like a will, a living trust can also clarify issues such as guardianship for an underage child. The individual will have a trustee that looks over their interests and holdings throughout their lifetime and after they pass away.
The Benefits of a Living Trust
To put it simply, a living trust will help alleviate many of the financial and legal issues that tend to plague a family after the death of a loved one associated with the probate process.. Instead of the estate going into probate and the proceeding is overseen by the Probate court, a trustee can immediately begin transferring assets to family members and loved ones. As an added bonus, a living trust is not made public whereas a will becomes a public document during probate. In the end, a living trust can help a family avoid a lengthy and expensive Probate Proceeding while still enjoying all of the benefits of a will and proper estate planning tools.