Here is the third video in a series of topics around Estate Planning and Living Trusts from our CEO Warner Lewis III.
Why would you want a Living Trust? One of the main reasons to have a Trust is to avoid Probate, an expensive, time-consuming process that can easily be avoided. It’s a useful strategy for people who have accumulated assets and want to make life easier for their children and other beneficiaries.
More About Probate
Probate is a long, expensive legal process where a judge supervises the transfer of a deceased person’s assets first to a personal representative, then to one’s beneficiaries.
Without proper planning, everything you own could wind up in Probate, an expensive process that can take 15 months on average to complete.
The Living Trust
One way to avoid Probate is to create a Revocable Living Trust and transfer all of your assets by title into the Trust. During your lifetime, you retain total control of all your assets, but if you become incapacitated or die, your successor Trustee comes in to manage your assets and distribute them to your beneficiaries in a protected manner.
Avoiding Probate is a great reason to set up a Living Trust. Let us know if you’d like more information about Trusts, Powers of Attorneys, Last Wills, and the like. We are happy to answer all your questions and present some options around your unique needs and circumstances. There’s never any cost for the initial consultation, and you’re free to apply the information you receive any way you wish.
So… give us a call at 877-438-7878 and schedule your no-cost, no-obligation consultation. Click on Life Planning Inc. for more information on the full range of legal services we provide.