What Can a Living Trust Accomplish?
It is not surprising that most people want to leave as much of their estates (assets, personal property, and real property) to their children and heirs as they possibly can when they die. Most people would also like to save their heirs the hassles of the probate process, which can tie up assets for a prolonged period, and the fees and costs, that go along with it. The legal estate- planning tool of a living trust can help accomplish these twin aims.
The Probate Process
The probate process requires several steps. The process entails the inventorying of property, as well as the appraisal of that property. Probate also requires that debts and taxes be paid. Finally, during the probate process, the remainder of the property in an estate is distributed according to the provisions and directives in a will. The overall process can be time-consuming and costly, putting undue stress on surviving family members who are already grieving the loss of their loved one.
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