Trusts have been used for centuries to avoid problems associated with owning property in your own name upon death or incapacity. When dies dies owning property in one’s own name, a costly, time-consuming process called ‘Probate’ is needed to supervise the transfer of a deceased person’s assets to their beneficiaries.
With or Without a Will – your estate is going to Probate! True? Yes, a Simple Will won’t keep your estate from going through Probate before it gets to your Beneficiaries. See Who Should Use a Trust?
To avoid probate, many people create a Living Trust and transfer their property into Trust, naming in advance who will protect and distribute their assets (the Trustee) according to their wishes after they are gone.
Properly drafted Living Trusts can also provide asset protection for future generations, so that your hard-earned wealth can be protected from creditors, judgments, lawsuits and divorces that may one day confront your heirs.
Creating a Living Trust and establishing other important legal documents (i.e. Powers of Attorney and Living Wills) is one of the most loving things you can do for your family. It is also one of the smartest things you can do to protect your wealth for the benefit of your children and grandchildren.