A living trust is a legal instrument which holds title to the personal assets of an individual person or family, including bank accounts, real estate, LLC and stock interests, etc. Like a will, a living trust contains your instructions for the distribution of all your assets after you die.
A primary difference between a will and a trust is that a trust avoids probate, whereas a will does not. Probate of a will requires filing of a costly probate proceeding, newspaper publication notices, letters to all heirs even if disinherited and statutory waiting periods. Also, the records of the probate are public information. To hire best lawyer to solve your legal Family issues, check out ogden elder law attorney online through the web.
Utilizing an attorney prepared living trust is a method of avoiding this expensive, intricate and confusing probate process. When a person's assets are transferred to their living trust during their lifetime, probate is avoided entirely.
After the person who established the living trust, who is called the Trustor dies, the successor trustee(s), who are usually the adult children or relatives of the Trustor, distribute the trust assets to the designated named beneficiaries. Because the living trust eliminates probate and, often under many circumstances, can greatly reduce estate taxes, it is possible to pass on a much greater portion of your assets to your heirs.
Benefits of a Living Trust:
1. Probate is avoided, including multiple state probates if you own property in other states
2. Probate entails public court proceedings which can last two years or more; whereas trusts are private and can be administered very quickly, which your heirs and successor trustee(s) will greatly appreciate
3. The individual(s) who set up the trust are the trustee(s) during their lifetime and have total control over the trust assets, including the power to easily change or revoke the trust